Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up on Insider Buying Activity

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $6.58, but opened at $6.85. Terns Pharmaceuticals shares last traded at $7.02, with a volume of 610,471 shares changing hands.

Specifically, CEO Amy L. Burroughs purchased 15,450 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average price of $7.15 per share, for a total transaction of $110,467.50. Following the completion of the transaction, the chief executive officer now directly owns 19,099 shares of the company’s stock, valued at $136,557.85. This represents a 423.40 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TERN. BMO Capital Markets restated an “outperform” rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright reissued a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and set a $20.00 price target on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. Finally, Oppenheimer upped their price target on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.30.

Terns Pharmaceuticals Stock Up 6.7 %

The company has a market cap of $596.27 million, a PE ratio of -5.95 and a beta of -0.36. The stock has a 50-day simple moving average of $6.94 and a 200 day simple moving average of $7.53.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. As a group, research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current fiscal year.

Institutional Trading of Terns Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. nVerses Capital LLC purchased a new stake in Terns Pharmaceuticals in the third quarter valued at approximately $48,000. Sio Capital Management LLC bought a new stake in Terns Pharmaceuticals in the third quarter valued at about $83,000. Simplicity Wealth LLC bought a new position in Terns Pharmaceuticals during the second quarter worth $72,000. Entropy Technologies LP acquired a new position in Terns Pharmaceuticals during the 3rd quarter valued at approximately $106,000. Finally, Bleakley Financial Group LLC increased its stake in shares of Terns Pharmaceuticals by 26.0% in the third quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company’s stock valued at $111,000 after purchasing an additional 2,751 shares during the period. Hedge funds and other institutional investors own 98.26% of the company’s stock.

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.