Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Short Interest Update

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 4,910,000 shares, a growth of 30.6% from the September 15th total of 3,760,000 shares. Currently, 8.3% of the company’s stock are sold short. Based on an average daily volume of 1,930,000 shares, the short-interest ratio is currently 2.5 days.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TERN shares. BMO Capital Markets reissued an “outperform” rating and issued a $26.00 price target (up previously from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. JMP Securities boosted their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Terns Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Insider Activity at Terns Pharmaceuticals

In other news, Director Hongbo Lu purchased 476,190 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 of the company’s stock, valued at approximately $4,999,995. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Hongbo Lu acquired 476,190 shares of the stock in a transaction on Thursday, September 12th. The shares were acquired at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jill M. Quigley sold 17,235 shares of Terns Pharmaceuticals stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $10.00, for a total transaction of $172,350.00. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at approximately $150,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,378 shares of company stock valued at $329,528 over the last ninety days. Corporate insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning boosted its stake in shares of Terns Pharmaceuticals by 27.2% in the 3rd quarter. Creative Planning now owns 25,310 shares of the company’s stock valued at $211,000 after purchasing an additional 5,409 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Terns Pharmaceuticals by 7.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 106,556 shares of the company’s stock valued at $889,000 after purchasing an additional 7,784 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Terns Pharmaceuticals in the 3rd quarter valued at $199,000. 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 valued at $18,321,000 after purchasing an additional 469,176 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Terns Pharmaceuticals by 28.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock valued at $154,000 after purchasing an additional 5,049 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Price Performance

TERN stock traded down $0.05 during midday trading on Monday, reaching $7.62. The company had a trading volume of 1,310,194 shares, compared to its average volume of 1,284,689. Terns Pharmaceuticals has a 1 year low of $3.26 and a 1 year high of $11.40. The company has a market capitalization of $492.84 million, a P/E ratio of -6.05 and a beta of -0.36. The firm has a 50-day moving average price of $8.18 and a 200-day moving average price of $7.19.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. On average, equities analysts predict that Terns Pharmaceuticals will post -1.31 EPS for the current year.

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.