Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Position Cut by Driehaus Capital Management LLC

Driehaus Capital Management LLC trimmed its holdings in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 20.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,661,846 shares of the company's stock after selling 429,955 shares during the period. Driehaus Capital Management LLC owned about 1.96% of Terns Pharmaceuticals worth $9,207,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TERN. SG Americas Securities LLC boosted its position in shares of Terns Pharmaceuticals by 40.0% in the 4th quarter. SG Americas Securities LLC now owns 33,333 shares of the company's stock worth $185,000 after buying an additional 9,523 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Terns Pharmaceuticals by 34.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 142,919 shares of the company's stock worth $792,000 after purchasing an additional 36,363 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Terns Pharmaceuticals by 33.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,010 shares of the company's stock valued at $100,000 after acquiring an additional 4,475 shares during the last quarter. E. Ohman J or Asset Management AB increased its stake in shares of Terns Pharmaceuticals by 30.1% during the 4th quarter. E. Ohman J or Asset Management AB now owns 80,378 shares of the company's stock valued at $445,000 after acquiring an additional 18,603 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its stake in shares of Terns Pharmaceuticals by 262.8% during the 4th quarter. Bleakley Financial Group LLC now owns 48,296 shares of the company's stock valued at $268,000 after acquiring an additional 34,984 shares during the last quarter. 98.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TERN shares. JMP Securities reaffirmed a "market outperform" rating and set a $20.00 price objective on shares of Terns Pharmaceuticals in a research note on Monday, April 21st. BMO Capital Markets reduced their target price on Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, William Blair reiterated a "market perform" rating on shares of Terns Pharmaceuticals in a report on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $15.63.

Terns Pharmaceuticals Trading Down 1.3%

NASDAQ:TERN traded down $0.04 during trading hours on Thursday, hitting $2.75. The stock had a trading volume of 393,016 shares, compared to its average volume of 1,527,761. Terns Pharmaceuticals, Inc. has a 1-year low of $1.87 and a 1-year high of $11.40. The business has a 50 day simple moving average of $2.86 and a two-hundred day simple moving average of $4.53. The company has a market cap of $239.74 million, a PE ratio of -2.33 and a beta of -0.16.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.03. Research analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

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.