Terns Pharmaceuticals, Inc. $TERN Position Increased by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. increased its stake in Terns Pharmaceuticals by 70.1% during the 1st quarter, acquiring an additional 93,296 shares, bringing their total ownership to approximately 0.26% of the company worth $625,000.
• Several other institutional investors also bought shares of Terns Pharmaceuticals, with 98.26% of the stock being owned by institutional investors as of the latest data.
• Terns Pharmaceuticals currently has a consensus rating of "Moderate Buy" among analysts, with an average price target of $15.61, despite a recent downgrade by BMO Capital Markets.

Graham Capital Management L.P. grew its stake in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 70.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 226,295 shares of the company's stock after acquiring an additional 93,296 shares during the period. Graham Capital Management L.P. owned 0.26% of Terns Pharmaceuticals worth $625,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TERN. Walleye Capital LLC boosted its position 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 purchasing an additional 475,294 shares in the last quarter. EntryPoint Capital LLC lifted its holdings in Terns Pharmaceuticals by 21.4% during the first quarter. EntryPoint Capital LLC now owns 73,293 shares of the company's stock valued at $202,000 after purchasing an additional 12,905 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Terns Pharmaceuticals by 44.3% during the first quarter. Wellington Management Group LLP now owns 321,163 shares of the company's stock valued at $886,000 after buying an additional 98,649 shares during the period. Nuveen LLC purchased a new position in Terns Pharmaceuticals during the first quarter worth about $3,880,000. Finally, Invesco Ltd. grew its position in Terns Pharmaceuticals by 149.3% in the first quarter. Invesco Ltd. now owns 58,345 shares of the company's stock worth $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 Analysts Forecast Growth

Several equities research analysts have recently commented on TERN shares. BMO Capital Markets dropped their target price on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. HC Wainwright began coverage on Terns Pharmaceuticals in a report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price target on the stock. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Terns Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $15.61.

Insider Activity at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs purchased 23,314 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were acquired at an average price of $3.87 per share, for a total transaction of $90,225.18. Following the completion of the purchase, the chief executive officer owned 47,083 shares in the company, valued at $182,211.21. The trade was a 98.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 cost of $3.93 per share, with a total value of $39,300.00. Following the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $98,250. The trade was a 66.67% increase in their position. The disclosure for this purchase can be found here. Insiders bought 48,314 shares of company stock worth $186,575 over the last quarter. Company insiders own 1.50% of the company's stock.

Terns Pharmaceuticals Trading Down 2.6%

TERN stock traded down $0.20 during midday trading on Wednesday, reaching $7.36. The stock had a trading volume of 439,019 shares, compared to its average volume of 1,160,432. Terns Pharmaceuticals, Inc. has a 52-week low of $1.87 and a 52-week high of $11.00. The company has a market cap of $643.64 million, a price-to-earnings ratio of -7.06 and a beta of -0.04. The company's fifty day simple moving average is $6.06 and its 200 day simple moving average is $4.18.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last issued 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. Sell-side 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.