Terns Pharmaceuticals (NASDAQ:TERN) Price Target Raised to $20.00 at Oppenheimer

Terns Pharmaceuticals (NASDAQ:TERN) had its price target lifted by equities researchers at Oppenheimer from $17.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 214.47% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. BMO Capital Markets restated an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. HC Wainwright reaffirmed a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a research note on Wednesday. Finally, JMP Securities raised 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 note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Terns Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $18.30.

Terns Pharmaceuticals Trading Up 3.4 %

NASDAQ TERN opened at $6.36 on Wednesday. The stock has a market cap of $540.22 million, a P/E ratio of -5.39 and a beta of -0.36. Terns Pharmaceuticals has a 12 month low of $4.32 and a 12 month high of $11.40. The stock’s fifty day moving average price is $7.10 and its 200-day moving average price is $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last announced 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. As a group, analysts forecast that Terns Pharmaceuticals will post -1.22 earnings per share for the current fiscal year.

Insider Transactions at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 17,235 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 15,000 shares in the company, valued at $150,000. The trade was a 53.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hongbo Lu acquired 476,190 shares of the company’s stock in a transaction that occurred 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 acquisition, the director now owns 476,190 shares in the company, valued at $4,999,995. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several large investors have recently added to or reduced their stakes in TERN. Bellevue Group AG bought a new position in shares of Terns Pharmaceuticals during the 3rd quarter worth $8,691,000. Point72 Asset Management L.P. grew its holdings in Terns Pharmaceuticals by 21.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after acquiring an additional 469,176 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in Terns Pharmaceuticals during the 2nd quarter valued at about $2,531,000. Telemark Asset Management LLC bought a new position in Terns Pharmaceuticals in the third quarter worth approximately $2,502,000. Finally, Walleye Capital LLC purchased a new stake in shares of Terns Pharmaceuticals during the 3rd quarter worth $1,550,000. 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.