Goldman Sachs Group Inc. Purchases 71,971 Shares of Terns Pharmaceuticals, Inc. $TERN

Key Points

• Goldman Sachs Group Inc. increased its stake in Terns Pharmaceuticals by 21%, acquiring 71,971 additional shares, bringing its total to 415,021 shares valued at approximately $1.15 million.
• Terns Pharmaceuticals has seen significant interest from hedge funds, with 98.26% of the stock owned by institutional investors following multiple new positions acquired in the first quarter.
• The stock price of Terns Pharmaceuticals fell by 7.9% recently, despite analysts giving it an average target price of $15.49 and a consensus rating of "Moderate Buy."

Goldman Sachs Group Inc. grew its position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 21.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 415,021 shares of the company's stock after purchasing an additional 71,971 shares during the period. Goldman Sachs Group Inc. owned about 0.48% of Terns Pharmaceuticals worth $1,145,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen Asset Management LLC lifted its position in shares of Terns Pharmaceuticals by 30.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,633,918 shares of the company's stock worth $14,592,000 after purchasing an additional 617,009 shares in the last quarter. Nuveen LLC acquired a new position in shares of Terns Pharmaceuticals during the first quarter worth approximately $3,880,000. Parkman Healthcare Partners LLC lifted its position in shares of Terns Pharmaceuticals by 15.8% during the first quarter. Parkman Healthcare Partners LLC now owns 959,703 shares of the company's stock worth $2,649,000 after purchasing an additional 130,598 shares in the last quarter. Walleye Capital LLC lifted its position in shares of Terns Pharmaceuticals by 399.8% during the first quarter. Walleye Capital LLC now owns 594,190 shares of the company's stock worth $1,640,000 after purchasing an additional 475,294 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Terns Pharmaceuticals during the first quarter worth approximately $1,366,000. Institutional investors and hedge funds own 98.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. HC Wainwright assumed coverage on shares of Terns Pharmaceuticals in a research report on Thursday, September 4th. They set a "neutral" rating and a $7.44 target price on the stock. Barclays assumed coverage on shares of Terns Pharmaceuticals in a research report on Wednesday, September 17th. They set an "overweight" rating and a $15.00 target price on the stock. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $15.49.

Insider Buying and Selling

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs bought 23,314 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was acquired at an average cost of $3.87 per share, with a total value of $90,225.18. Following the purchase, the chief executive officer owned 47,083 shares in the company, valued at $182,211.21. This trade represents a 98.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Gengos bought 10,000 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were acquired at an average cost of $3.93 per share, with a total value of $39,300.00. Following the completion of the purchase, the chief financial officer owned 25,000 shares in the company, valued at $98,250. This represents a 66.67% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.

Terns Pharmaceuticals Stock Performance

Shares of NASDAQ:TERN traded up $0.01 during mid-day trading on Monday, reaching $7.54. The stock had a trading volume of 813,074 shares, compared to its average volume of 1,070,285. The firm has a 50 day simple moving average of $6.53 and a two-hundred day simple moving average of $4.40. Terns Pharmaceuticals, Inc. has a twelve month low of $1.87 and a twelve month high of $10.16.

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