Terns Pharmaceuticals (NASDAQ:TERN) Releases Earnings Results, Beats Expectations By $0.04 EPS

Terns Pharmaceuticals (NASDAQ:TERN) released its earnings results on Monday. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04, Zacks reports.

Terns Pharmaceuticals Trading Down 7.6 %

Terns Pharmaceuticals stock traded down $0.54 during mid-day trading on Wednesday, hitting $6.58. 581,922 shares of the company’s stock were exchanged, compared to its average volume of 1,000,141. The stock has a market cap of $425.59 million, a P/E ratio of -5.29 and a beta of -0.37. Terns Pharmaceuticals has a 1-year low of $3.26 and a 1-year high of $10.03. The stock has a 50 day moving average of $7.62 and a two-hundred day moving average of $6.67.

Insiders Place Their Bets

In related news, Director Carl L. Gordon sold 50,976 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the completion of the sale, the director now owns 756,258 shares in the company, valued at $7,562,580. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Carl L. Gordon sold 50,976 shares of Terns Pharmaceuticals stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the completion of the transaction, the director now owns 756,258 shares in the company, valued at $7,562,580. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jill M. Quigley sold 6,143 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total transaction of $47,178.24. Following the completion of the transaction, the director now owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. The disclosure for this sale can be found here. Company insiders own 15.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TERN. HC Wainwright reiterated a “neutral” rating and set a $5.50 price objective on shares of Terns Pharmaceuticals in a report on Tuesday, May 14th. BMO Capital Markets reiterated an “outperform” rating and set a $19.00 price objective on shares of Terns Pharmaceuticals in a report on Tuesday. Finally, JMP Securities reiterated a “market outperform” rating and set a $15.00 price objective on shares of Terns Pharmaceuticals in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Terns Pharmaceuticals Company Profile

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.