Soleus Capital Management L.P. Purchases 1,918,956 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Soleus Capital Management L.P. boosted its position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 30.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,142,500 shares of the company's stock after purchasing an additional 1,918,956 shares during the period. Terns Pharmaceuticals comprises 2.8% of Soleus Capital Management L.P.'s holdings, making the stock its 10th biggest holding. Soleus Capital Management L.P. owned approximately 9.59% of Terns Pharmaceuticals worth $45,109,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in Terns Pharmaceuticals by 13.3% during the 4th quarter. Invesco Ltd. now owns 23,400 shares of the company's stock valued at $130,000 after purchasing an additional 2,753 shares during the last quarter. Corebridge Financial Inc. grew its holdings in Terns Pharmaceuticals by 13.5% during the 4th quarter. Corebridge Financial Inc. now owns 34,951 shares of the company's stock valued at $194,000 after purchasing an additional 4,169 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Terns Pharmaceuticals by 33.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,010 shares of the company's stock valued at $100,000 after purchasing an additional 4,475 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Terns Pharmaceuticals by 26.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,784 shares of the company's stock valued at $220,000 after purchasing an additional 8,261 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Terns Pharmaceuticals by 58.4% during the 4th quarter. ProShare Advisors LLC now owns 23,821 shares of the company's stock valued at $132,000 after purchasing an additional 8,784 shares during the last quarter. 98.26% of the stock is currently owned by institutional investors.

Terns Pharmaceuticals Stock Performance

NASDAQ:TERN traded up $0.08 during midday trading on Friday, reaching $3.02. 544,462 shares of the stock traded hands, compared to its average volume of 1,531,225. Terns Pharmaceuticals, Inc. has a 12-month low of $1.87 and a 12-month high of $11.40. The business has a 50-day moving average of $2.81 and a two-hundred day moving average of $4.34. The stock has a market capitalization of $263.76 million, a PE ratio of -2.56 and a beta of -0.16.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.26) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.03. Research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. BMO Capital Markets lowered their price objective 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. William Blair reissued a "market perform" rating on shares of Terns Pharmaceuticals in a research report on Friday, March 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $20.00 price target on shares of Terns Pharmaceuticals in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.63.

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.