Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up to $8.95

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) gapped up before the market opened on Monday . The stock had previously closed at $8.95, but opened at $9.26. Terns Pharmaceuticals shares last traded at $9.36, with a volume of 169,297 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TERN. 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Terns Pharmaceuticals Stock Up 7.8 %

The stock has a fifty day moving average of $8.07 and a 200-day moving average of $6.94. The firm has a market capitalization of $624.13 million, a P/E ratio of -7.56 and a beta of -0.37.

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

Insider Buying and Selling at Terns Pharmaceuticals

In other news, CFO Mark J. Vignola sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now owns 91,940 shares of the company’s stock, valued at $1,011,340. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Terns Pharmaceuticals news, Director Carl L. Gordon sold 50,976 shares of Terns Pharmaceuticals stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total transaction of $509,760.00. Following the completion of the sale, the director now owns 756,258 shares of the company’s stock, valued at approximately $7,562,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total value of $110,000.00. Following the completion of the transaction, the chief financial officer now owns 91,940 shares in the company, valued at $1,011,340. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,354 shares of company stock worth $839,288. Insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its holdings in Terns Pharmaceuticals by 21.1% during 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 period. Franklin Resources Inc. grew its holdings in shares of Terns Pharmaceuticals by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock valued at $14,978,000 after buying an additional 159,013 shares during the period. Vanguard Group Inc. increased its position in shares of Terns Pharmaceuticals by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock valued at $14,425,000 after buying an additional 11,535 shares in the last quarter. Janus Henderson Group PLC raised its stake in Terns Pharmaceuticals by 40.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after buying an additional 578,500 shares during the period. Finally, Great Point Partners LLC raised its stake in Terns Pharmaceuticals by 102.8% during the 4th quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after buying an additional 664,076 shares during the period. 98.26% of the stock is currently owned by institutional investors and hedge funds.

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.