Russell Investments Group Ltd. Cuts Stock Holdings in Terns Pharmaceuticals, Inc. $TERN

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in Terns Pharmaceuticals by 95.5%, now holding 28,188 shares valued at $78,000 after selling over 600,000 shares.
• Institutional investors have shown increased activity, with SG Americas Securities LLC expanding its stake by 1,141.5% to 413,822 shares, worth approximately $1,142,000.
• Analysts are cautiously optimistic, with a consensus rating of "Moderate Buy" and a revised target price set at $15.63, down from $26.00.

Russell Investments Group Ltd. decreased its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 95.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,188 shares of the company's stock after selling 600,207 shares during the period. Russell Investments Group Ltd.'s holdings in Terns Pharmaceuticals were worth $78,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TERN. Thrive Wealth Management LLC acquired a new position in Terns Pharmaceuticals in the 1st quarter valued at approximately $29,000. Vontobel Holding Ltd. acquired a new position in Terns Pharmaceuticals in the 1st quarter valued at approximately $39,000. Velan Capital Investment Management LP acquired a new position in Terns Pharmaceuticals in the 4th quarter valued at approximately $94,000. Sherbrooke Park Advisers LLC acquired a new position in Terns Pharmaceuticals in the 4th quarter valued at approximately $99,000. Finally, ProShare Advisors LLC increased its position in Terns Pharmaceuticals by 58.4% in the 4th quarter. ProShare Advisors LLC now owns 23,821 shares of the company's stock valued at $132,000 after acquiring an additional 8,784 shares during the period. Institutional investors own 98.26% of the company's stock.

Insider Activity at Terns Pharmaceuticals

In other news, CFO Andrew Gengos purchased 10,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were purchased at an average price of $3.93 per share, with a total value of $39,300.00. Following the completion of the acquisition, the chief financial officer owned 25,000 shares in the company, valued at $98,250. This trade represents a 66.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Amy L. Burroughs purchased 23,314 shares of the firm's stock in a transaction dated 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 acquisition, the chief executive officer owned 47,083 shares of the company's stock, valued at approximately $182,211.21. This trade represents a 98.09% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 48,314 shares of company stock worth $186,575. 1.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TERN has been the subject of several recent research reports. BMO Capital Markets decreased their price target 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 assumed coverage on shares of Terns Pharmaceuticals in a research report on Thursday. They set a "neutral" rating and a $7.44 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $15.61.

Terns Pharmaceuticals Price Performance

Shares of NASDAQ TERN traded up $0.16 during midday trading on Friday, reaching $7.22. The company's stock had a trading volume of 758,049 shares, compared to its average volume of 1,116,485. The stock has a market capitalization of $631.83 million, a P/E ratio of -6.94 and a beta of -0.04. The firm has a 50 day moving average price of $5.91 and a 200-day moving average price of $4.14. Terns Pharmaceuticals, Inc. has a 12-month low of $1.87 and a 12-month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.02. On average, equities analysts predict 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.