Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. trimmed its holdings in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 53.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,251,841 shares of the company's stock after selling 1,455,674 shares during the quarter. Point72 Asset Management L.P. owned 1.47% of Terns Pharmaceuticals worth $6,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Landscape Capital Management L.L.C. acquired a new stake in shares of Terns Pharmaceuticals during the 4th quarter worth about $73,000. Townsquare Capital LLC acquired a new position in Terns Pharmaceuticals in the 4th quarter valued at about $76,000. Oxford Asset Management LLP acquired a new position in Terns Pharmaceuticals in the 4th quarter valued at about $86,000. Savant Capital LLC acquired a new position in Terns Pharmaceuticals in the 4th quarter valued at about $89,000. Finally, China Universal Asset Management Co. Ltd. grew its position in Terns Pharmaceuticals by 33.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,010 shares of the company's stock valued at $100,000 after acquiring an additional 4,475 shares in the last quarter. 98.26% of the stock is owned by institutional investors and hedge funds.

Terns Pharmaceuticals Stock Performance

Shares of TERN traded up $0.08 during midday trading on Friday, hitting $3.02. The company had a trading volume of 544,462 shares, compared to its average volume of 1,535,603. The company's 50-day simple moving average is $2.81 and its 200-day simple moving average is $4.30. The firm has a market capitalization of $263.76 million, a P/E ratio of -2.56 and a beta of -0.16. Terns Pharmaceuticals, Inc. has a 1 year low of $1.87 and a 1 year high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.03. Equities analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TERN shares. BMO Capital Markets dropped their target price on 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 reaffirmed 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 target price on shares of Terns Pharmaceuticals in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Terns Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $15.63.

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.