Jacobs Levy Equity Management Inc. Acquires New Shares in Terns Pharmaceuticals, Inc. $TERN

Key Points

• Jacobs Levy Equity Management Inc. purchased a new stake of 494,877 shares in Terns Pharmaceuticals, valued at approximately $1.37 million, marking the firm's entry into the stock.
• The stock has seen significant interest from other investors, with Northern Trust Corp increasing their holdings by 27.4%, while Graham Capital Management L.P. boosted theirs by 897.1% during the 4th quarter.
• Terns Pharmaceuticals received a "neutral" rating from HC Wainwright with a price target of $7.44, while the consensus target price remains at $15.61 according to analyst ratings.

Jacobs Levy Equity Management Inc. bought a new stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 494,877 shares of the company's stock, valued at approximately $1,366,000. Jacobs Levy Equity Management Inc. owned 0.57% of Terns Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of TERN. Soleus Capital Management L.P. raised its stake in Terns Pharmaceuticals by 30.8% in the fourth quarter. Soleus Capital Management L.P. now owns 8,142,500 shares of the company's stock valued at $45,109,000 after buying an additional 1,918,956 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Terns Pharmaceuticals by 30.6% during the 4th quarter. Nuveen Asset Management LLC now owns 2,633,918 shares of the company's stock worth $14,592,000 after acquiring an additional 617,009 shares during the last quarter. Nuveen LLC bought a new stake in Terns Pharmaceuticals in the 1st quarter valued at $3,880,000. Walleye Capital LLC lifted its holdings in 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 during the last quarter. Finally, Northern Trust Corp lifted its holdings in Terns Pharmaceuticals by 27.4% during the 4th quarter. Northern Trust Corp now owns 591,171 shares of the company's stock valued at $3,275,000 after purchasing an additional 127,296 shares during the last quarter. Institutional investors own 98.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TERN. HC Wainwright started coverage on shares of Terns Pharmaceuticals in a research report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price objective on the stock. Barclays initiated coverage on shares of Terns Pharmaceuticals in a research note on Wednesday. They issued an "overweight" rating and a $15.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Terns Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Insider Transactions at Terns Pharmaceuticals

In other news, CFO Andrew Gengos purchased 10,000 shares of the business'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 acquisition, the chief financial officer owned 25,000 shares in the company, valued at approximately $98,250. The trade was a 66.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Amy L. Burroughs acquired 23,314 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average cost of $3.87 per share, for a total transaction of $90,225.18. Following the completion of the purchase, the chief executive officer directly owned 47,083 shares of the company's stock, valued at $182,211.21. The trade was a 98.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company's stock.

Terns Pharmaceuticals Trading Up 1.4%

NASDAQ TERN traded up $0.10 during midday trading on Wednesday, hitting $7.40. The company had a trading volume of 811,657 shares, compared to its average volume of 1,059,350. The firm has a 50-day moving average price of $6.42 and a 200-day moving average price of $4.33. The company has a market capitalization of $647.57 million, a PE ratio of -7.12 and a beta of -0.04. Terns Pharmaceuticals, Inc. has a twelve month low of $1.87 and a twelve month high of $10.70.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last released its 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. On average, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 EPS 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.