Exchange Traded Concepts LLC Grows Stock Position in Terns Pharmaceuticals, Inc. $TERN

Key Points

• Exchange Traded Concepts LLC increased its stake in Terns Pharmaceuticals by 65.5%, acquiring an additional 90,184 shares during the second quarter, bringing their total holdings to 227,847 shares valued at approximately $850,000.
• Terns Pharmaceuticals' recent earnings report showed a loss of $0.26 per share, which was better than analysts' expectations of $0.28, and the stock has a market capitalization of $657.20 million.
• Brokerages have shown interest in Terns Pharmaceuticals, with Barclays issuing an "overweight" rating and a price target of $15.00, while the average rating remains a "Moderate Buy" with a target of $15.49.

Exchange Traded Concepts LLC grew its stake in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 65.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 227,847 shares of the company's stock after acquiring an additional 90,184 shares during the quarter. Exchange Traded Concepts LLC owned about 0.26% of Terns Pharmaceuticals worth $850,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Thrive Wealth Management LLC acquired a new stake in Terns Pharmaceuticals in the first quarter valued at approximately $29,000. Vontobel Holding Ltd. acquired a new position in shares of Terns Pharmaceuticals during the first quarter valued at $39,000. Dynamic Technology Lab Private Ltd acquired a new position in Terns Pharmaceuticals during the first quarter worth about $51,000. ProShare Advisors LLC grew its holdings in Terns Pharmaceuticals by 58.4% during the fourth quarter. ProShare Advisors LLC now owns 23,821 shares of the company's stock worth $132,000 after acquiring an additional 8,784 shares during the period. Finally, Cubist Systematic Strategies LLC grew its holdings in Terns Pharmaceuticals by 136.8% during the first quarter. Cubist Systematic Strategies LLC now owns 28,327 shares of the company's stock worth $78,000 after acquiring an additional 16,363 shares during the period. Institutional investors and hedge funds own 98.26% of the company's stock.

Terns Pharmaceuticals Price Performance

Shares of NASDAQ:TERN opened at $7.51 on Wednesday. The business's fifty day moving average price is $6.63 and its two-hundred day moving average price is $4.45. Terns Pharmaceuticals, Inc. has a fifty-two week low of $1.87 and a fifty-two week high of $9.93. The stock has a market capitalization of $657.20 million, a price-to-earnings ratio of -7.22 and a beta of -0.04.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.26) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.02. Research analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

Insider Activity

In other news, CFO Andrew Gengos purchased 10,000 shares of the business's stock in a transaction dated Friday, June 27th. The shares were acquired at an average price of $3.93 per share, with a total value of $39,300.00. Following the completion of the purchase, the chief financial officer directly owned 25,000 shares of the company's stock, valued at $98,250. The trade was a 66.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TERN. Barclays assumed coverage on Terns Pharmaceuticals in a research note on Wednesday, September 17th. They issued an "overweight" rating and a $15.00 price target on the stock. HC Wainwright initiated coverage on Terns Pharmaceuticals in a report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 target price for the company. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Terns Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $15.49.

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.

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