Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Down 8.7% – Should You Sell?

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) fell 8.7% during mid-day trading on Friday . The stock traded as low as $5.97 and last traded at $5.98. 832,978 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 1,277,882 shares. The stock had previously closed at $6.55.

Wall Street Analysts Forecast Growth

Several research firms have commented on TERN. BMO Capital Markets reaffirmed an “outperform” rating and issued a $26.00 price target (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. HC Wainwright boosted their target price on Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Wednesday. JMP Securities upped their target price 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. Finally, Oppenheimer initiated coverage on Terns Pharmaceuticals in a research note on Thursday, October 31st. They set an “outperform” rating and a $82.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.25.

Terns Pharmaceuticals Stock Down 9.8 %

The firm has a 50 day moving average price of $8.06 and a two-hundred day moving average price of $7.46. The company has a market cap of $501.99 million, a price-to-earnings ratio of -5.02 and a beta of -0.32.

Insiders Place Their Bets

In related news, Director Jill M. Quigley sold 17,235 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $10.00, for a total value of $172,350.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,000. The trade was a 53.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the sale, the chief financial officer now owns 91,940 shares of the company’s stock, valued at $1,011,340. This trade represents a 9.81 % decrease in their position. The disclosure for this sale can be found here. Insiders own 15.10% of the company’s stock.

Institutional Trading of Terns Pharmaceuticals

Large investors have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in shares of Terns Pharmaceuticals during the 3rd quarter worth $48,000. Simplicity Wealth LLC bought a new position in Terns Pharmaceuticals in the 2nd quarter worth approximately $72,000. Sio Capital Management LLC bought a new stake in Terns Pharmaceuticals during the 3rd quarter valued at $83,000. Walleye Trading LLC purchased a new stake in shares of Terns Pharmaceuticals during the first quarter worth $98,000. Finally, Kennedy Capital Management LLC bought a new position in shares of Terns Pharmaceuticals in the first quarter worth $101,000. 98.26% of the stock is owned by hedge funds and other institutional investors.

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.