Terns Pharmaceuticals, Inc. $TERN Stock Position Decreased by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC reduced its stake in Terns Pharmaceuticals by 54.1%, now holding 763,486 shares valued at approximately $2.11 million.
• Terns Pharmaceuticals' stock performance shows it opened at $6.96 with a 52-week low of $1.87 and a high of $11.40, while analysts rate it as a "Moderate Buy" with a target price of $15.63.
• Insider activity includes CEO Amy L. Burroughs acquiring 23,314 shares, increasing her position by 98.09%, indicating confidence in the company's future.

Driehaus Capital Management LLC lessened its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 54.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 763,486 shares of the company's stock after selling 898,360 shares during the quarter. Driehaus Capital Management LLC owned about 0.87% of Terns Pharmaceuticals worth $2,107,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Walleye Capital LLC lifted its holdings in shares of Terns Pharmaceuticals by 399.8% during the 1st quarter. Walleye Capital LLC now owns 594,190 shares of the company's stock valued at $1,640,000 after acquiring an additional 475,294 shares in the last quarter. EntryPoint Capital LLC lifted its holdings in shares of Terns Pharmaceuticals by 21.4% during the 1st quarter. EntryPoint Capital LLC now owns 73,293 shares of the company's stock valued at $202,000 after acquiring an additional 12,905 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Terns Pharmaceuticals by 44.3% during the 1st quarter. Wellington Management Group LLP now owns 321,163 shares of the company's stock valued at $886,000 after acquiring an additional 98,649 shares in the last quarter. Nuveen LLC acquired a new position in shares of Terns Pharmaceuticals during the 1st quarter valued at $3,880,000. Finally, Invesco Ltd. lifted its holdings in shares of Terns Pharmaceuticals by 149.3% during the 1st quarter. Invesco Ltd. now owns 58,345 shares of the company's stock valued at $161,000 after acquiring an additional 34,945 shares in the last quarter. Institutional investors and hedge funds own 98.26% of the company's stock.

Wall Street Analyst Weigh In

TERN has been the topic of several recent research reports. HC Wainwright initiated coverage on shares of Terns Pharmaceuticals in a report on Thursday. They set a "neutral" rating and a $7.44 target price on the stock. BMO Capital Markets reduced their target price on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $15.61.

Insider Activity

In related news, CFO Andrew Gengos bought 10,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was bought at an average price of $3.93 per share, with a total value of $39,300.00. Following the transaction, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $98,250. This trade represents a 66.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Amy L. Burroughs bought 23,314 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was bought at an average cost of $3.87 per share, with a total value of $90,225.18. Following the transaction, the chief executive officer directly owned 47,083 shares in the company, valued at approximately $182,211.21. The trade was a 98.09% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 48,314 shares of company stock valued at $186,575 in the last three months. Insiders own 1.50% of the company's stock.

Terns Pharmaceuticals Price Performance

Terns Pharmaceuticals stock traded down $0.38 during midday trading on Thursday, hitting $7.06. 1,444,404 shares of the stock were exchanged, compared to its average volume of 1,166,146. Terns Pharmaceuticals, Inc. has a 1 year low of $1.87 and a 1 year high of $11.40. The firm has a market cap of $617.83 million, a P/E ratio of -6.79 and a beta of -0.04. The company has a 50 day moving average price of $5.78 and a two-hundred day moving average price of $4.09.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.02. As a group, analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

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.