Terns Pharmaceuticals (NASDAQ:TERN) Earns Outperform Rating from BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of Terns Pharmaceuticals (NASDAQ:TERN) in a report released on Monday morning, Benzinga reports. The brokerage currently has a $26.00 price target on the stock, up from their previous price target of $19.00.

Separately, 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 report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Terns Pharmaceuticals presently has a consensus rating of Moderate Buy and an average target price of $15.90.

Terns Pharmaceuticals Stock Performance

TERN stock opened at $10.04 on Monday. The stock’s 50 day simple moving average is $8.21 and its 200 day simple moving average is $6.99. The company has a market cap of $706.21 million, a P/E ratio of -7.97 and a beta of -0.37. Terns Pharmaceuticals has a fifty-two week low of $3.26 and a fifty-two week high of $11.40.

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

Insider Activity at Terns Pharmaceuticals

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. lifted its stake in Terns Pharmaceuticals by 21.1% in the second 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 last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Terns Pharmaceuticals by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock valued at $154,000 after buying an additional 5,049 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter valued at $596,000. Dimensional Fund Advisors LP grew its stake in shares of Terns Pharmaceuticals by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 371,892 shares of the company’s stock worth $2,534,000 after acquiring an additional 31,875 shares during the period. Finally, American Century Companies Inc. increased its holdings in Terns Pharmaceuticals by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock worth $437,000 after acquiring an additional 9,635 shares during the last quarter. 98.26% of the stock is owned by 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.