Geode Capital Management LLC Buys 85,617 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Geode Capital Management LLC lifted its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 7.6% in the third quarter, HoldingsChannel.com reports. The fund owned 1,207,479 shares of the company’s stock after purchasing an additional 85,617 shares during the period. Geode Capital Management LLC’s holdings in Terns Pharmaceuticals were worth $10,072,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Bellevue Group AG purchased a new stake in Terns Pharmaceuticals in the third quarter worth approximately $8,691,000. Point72 Asset Management L.P. boosted its stake in shares of Terns Pharmaceuticals by 21.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after buying an additional 469,176 shares during the last quarter. Telemark Asset Management LLC bought a new stake in shares of Terns Pharmaceuticals in the third quarter worth $2,502,000. Walleye Capital LLC purchased a new stake in Terns Pharmaceuticals during the third quarter valued at $1,550,000. Finally, Cinctive Capital Management LP purchased a new stake in Terns Pharmaceuticals during the third quarter valued at $1,406,000. 98.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TERN shares. Oppenheimer raised their target price on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and issued a $20.00 price objective on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “neutral” rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $26.00 price target (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Terns Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $18.30.

Terns Pharmaceuticals Stock Up 0.2 %

TERN stock opened at $5.54 on Thursday. The business’s 50-day moving average price is $6.43 and its 200-day moving average price is $7.46. The stock has a market cap of $470.56 million, a P/E ratio of -4.69 and a beta of -0.36. Terns Pharmaceuticals, Inc. has a twelve month low of $4.32 and a twelve month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. On average, equities research analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current fiscal year.

Insider Activity at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs purchased 15,450 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average cost of $7.15 per share, with a total value of $110,467.50. Following the completion of the acquisition, the chief executive officer now directly owns 19,099 shares in the company, valued at $136,557.85. The trade was a 423.40 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 15.10% of the stock is owned by corporate insiders.

Terns Pharmaceuticals Company Profile

Terns Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops small-molecule product candidates for the treatment of oncology, metabolic dysfunction-associated steatohepatitis (MASH), and obesity. The company develops TERN-701, an allosteric BCR-ABL tyrosine kinase inhibitor (TKI) that is in phase 1 clinical trial for chronic myeloid leukemia (CML), a form of cancer that starts in bone marrow.