Cubist Systematic Strategies LLC Decreases Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Cubist Systematic Strategies LLC decreased its position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 93.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,964 shares of the company's stock after selling 174,614 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Terns Pharmaceuticals were worth $66,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Terns Pharmaceuticals by 236.8% in the fourth quarter. Bank of America Corp DE now owns 197,226 shares of the company's stock valued at $1,093,000 after acquiring an additional 138,661 shares during the period. Bellevue Group AG increased its position in shares of Terns Pharmaceuticals by 1.9% in the fourth quarter. Bellevue Group AG now owns 1,061,753 shares of the company's stock valued at $5,882,000 after acquiring an additional 19,618 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Terns Pharmaceuticals in the fourth quarter valued at about $1,242,000. Acorn Capital Advisors LLC purchased a new position in shares of Terns Pharmaceuticals in the fourth quarter valued at about $10,921,000. Finally, Boxer Capital Management LLC purchased a new position in shares of Terns Pharmaceuticals in the fourth quarter valued at about $4,166,000. Hedge funds and other institutional investors own 98.26% of the company's stock.

Terns Pharmaceuticals Price Performance

NASDAQ:TERN opened at $3.15 on Tuesday. Terns Pharmaceuticals, Inc. has a one year low of $1.87 and a one year high of $11.40. The company's 50-day simple moving average is $2.83 and its 200 day simple moving average is $4.41. The firm has a market capitalization of $275.11 million, a P/E ratio of -2.67 and a beta of -0.16.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TERN shares. William Blair restated a "market perform" rating on shares of Terns Pharmaceuticals in a research report on Friday, March 21st. BMO Capital Markets cut their target price on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a research note on Monday, April 21st. Two 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 presently has an average rating of "Moderate Buy" and an average price target of $15.63.

Terns Pharmaceuticals 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.

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