Walleye Capital LLC Grows Stake in Terns Pharmaceuticals, Inc. $TERN

Key Points

• Walleye Capital LLC significantly increased its stake in Terns Pharmaceuticals by 399.8%, owning 594,190 shares worth approximately $1.64 million as of the latest reporting period.
• The stock of Terns Pharmaceuticals has recently been trading at around $6.96, down 1.6%, with a market capitalization of $609.07 million and a P/E ratio of -6.69.
• Insider transactions show both CFO Andrew Gengos and CEO Amy L. Burroughs have increased their ownership in the company, indicating confidence in its future performance.

Walleye Capital LLC lifted its holdings in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 399.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 594,190 shares of the company's stock after acquiring an additional 475,294 shares during the quarter. Walleye Capital LLC owned approximately 0.68% of Terns Pharmaceuticals worth $1,640,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TERN. Wells Fargo & Company MN raised its holdings in shares of Terns Pharmaceuticals by 56.8% during the fourth quarter. Wells Fargo & Company MN now owns 40,966 shares of the company's stock valued at $227,000 after acquiring an additional 14,846 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Terns Pharmaceuticals by 13.3% during the fourth quarter. Invesco Ltd. now owns 23,400 shares of the company's stock valued at $130,000 after acquiring an additional 2,753 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Terns Pharmaceuticals by 107.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,302,932 shares of the company's stock valued at $7,218,000 after acquiring an additional 673,570 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Terns Pharmaceuticals by 27.7% during the fourth quarter. MetLife Investment Management LLC now owns 43,760 shares of the company's stock valued at $242,000 after acquiring an additional 9,500 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Terns Pharmaceuticals by 216.1% during the fourth quarter. Hsbc Holdings PLC now owns 35,898 shares of the company's stock valued at $195,000 after acquiring an additional 24,542 shares in the last quarter. Institutional investors own 98.26% of the company's stock.

Insiders Place Their Bets

In related news, CFO Andrew Gengos bought 10,000 shares of the business's stock in a transaction dated Friday, June 27th. The shares were purchased at an average cost of $3.93 per share, with a total value of $39,300.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amy L. Burroughs bought 23,314 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was bought 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 owned 47,083 shares of the company's stock, valued at approximately $182,211.21. The trade was a 98.09% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 48,314 shares of company stock worth $186,575. Insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets decreased their target price on Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.63.

Terns Pharmaceuticals Price Performance

TERN stock traded down $0.29 during midday trading on Wednesday, hitting $7.28. The stock had a trading volume of 507,654 shares, compared to its average volume of 1,161,015. The firm has a market cap of $636.64 million, a price-to-earnings ratio of -6.99 and a beta of -0.04. The business has a 50-day moving average of $5.72 and a two-hundred day moving average of $4.07. 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 issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.02. Research analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Terns Pharmaceuticals Company 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.