Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up to $8.95

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) gapped up prior to trading on Monday . The stock had previously closed at $8.95, but opened at $9.26. Terns Pharmaceuticals shares last traded at $9.36, with a volume of 169,297 shares traded.

Wall Street Analyst Weigh In

TERN has been the topic of a number of research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. JMP Securities lifted their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Terns Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $8.15 and its two-hundred day simple moving average is $6.97. The stock has a market cap of $622.84 million, a P/E ratio of -7.64 and a beta of -0.37.

Terns Pharmaceuticals (NASDAQ:TERN) last released its earnings results on Monday, August 5th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. As a group, analysts forecast that Terns Pharmaceuticals, Inc. will post -1.3 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Hongbo Lu purchased 476,190 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was purchased at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the completion of the purchase, the director now directly owns 476,190 shares in the company, valued at approximately $4,999,995. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Terns Pharmaceuticals news, Director Hongbo Lu acquired 476,190 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was bought at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the director now directly owns 476,190 shares in the company, valued at approximately $4,999,995. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carl L. Gordon sold 50,976 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $10.00, for a total value of $509,760.00. Following the transaction, the director now directly owns 756,258 shares in the company, valued at $7,562,580. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,354 shares of company stock valued at $839,288. 15.10% of the stock is owned by insiders.

Institutional Trading of Terns Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Decheng Capital LLC bought a new position in Terns Pharmaceuticals in the 4th quarter valued at about $4,636,000. Great Point Partners LLC increased its stake in shares of Terns Pharmaceuticals by 102.8% during the fourth quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after purchasing an additional 664,076 shares during the period. Janus Henderson Group PLC lifted its holdings in Terns Pharmaceuticals by 40.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after purchasing an additional 578,500 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in 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 valued at $18,321,000 after purchasing an additional 469,176 shares during the period. Finally, Affinity Asset Advisors LLC grew its holdings in Terns Pharmaceuticals by 581.8% in the 1st quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after buying an additional 384,000 shares in the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.

About Terns Pharmaceuticals

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.