Point72 Asset Management L.P. Sells 1,455,674 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Point72 Asset Management L.P. trimmed its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 53.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & 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 approximately 1.47% of Terns Pharmaceuticals worth $6,935,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TERN. SG Americas Securities LLC boosted its stake in Terns Pharmaceuticals by 40.0% in the fourth quarter. SG Americas Securities LLC now owns 33,333 shares of the company's stock valued at $185,000 after acquiring an additional 9,523 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Terns Pharmaceuticals by 34.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 142,919 shares of the company's stock valued at $792,000 after purchasing an additional 36,363 shares during the period. China Universal Asset Management Co. Ltd. raised its position in shares of Terns Pharmaceuticals by 33.1% in the fourth 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 period. E. Ohman J or Asset Management AB raised its position in shares of Terns Pharmaceuticals by 30.1% in the fourth quarter. E. Ohman J or Asset Management AB now owns 80,378 shares of the company's stock valued at $445,000 after purchasing an additional 18,603 shares during the period. Finally, Bleakley Financial Group LLC raised its position in shares of Terns Pharmaceuticals by 262.8% in the fourth quarter. Bleakley Financial Group LLC now owns 48,296 shares of the company's stock valued at $268,000 after purchasing an additional 34,984 shares during the period. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on TERN. William Blair reissued a "market perform" rating on shares of Terns Pharmaceuticals in a research report on Friday, March 21st. BMO Capital Markets lowered their price target on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, JMP Securities reissued 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 investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $15.63.

Terns Pharmaceuticals Stock Performance

Terns Pharmaceuticals stock traded down $0.05 during midday trading on Thursday, reaching $2.94. 494,728 shares of the stock were exchanged, compared to its average volume of 1,531,782. The company's fifty day moving average is $2.81 and its 200-day moving average is $4.37. The firm has a market cap of $256.77 million, a PE ratio of -2.49 and a beta of -0.16. Terns Pharmaceuticals, Inc. has a 52 week low of $1.87 and a 52 week high of $11.40.

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