Voloridge Investment Management LLC Sells 98,066 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Voloridge Investment Management LLC lessened its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 62.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,720 shares of the company's stock after selling 98,066 shares during the quarter. Voloridge Investment Management LLC owned 0.07% of Terns Pharmaceuticals worth $331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Rhumbline Advisers raised its holdings in Terns Pharmaceuticals by 16.0% in the fourth quarter. Rhumbline Advisers now owns 97,892 shares of the company's stock worth $542,000 after buying an additional 13,479 shares during the last quarter. LPL Financial LLC increased its position in shares of Terns Pharmaceuticals by 397.2% during the fourth quarter. LPL Financial LLC now owns 252,325 shares of the company's stock valued at $1,398,000 after acquiring an additional 201,575 shares in the last quarter. Norges Bank purchased a new position in Terns Pharmaceuticals in the 4th quarter worth approximately $4,706,000. Parkman Healthcare Partners LLC lifted its position in Terns Pharmaceuticals by 51.9% in the 4th quarter. Parkman Healthcare Partners LLC now owns 829,105 shares of the company's stock valued at $4,593,000 after acquiring an additional 283,354 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Terns Pharmaceuticals by 30.6% in the 4th quarter. Nuveen Asset Management LLC now owns 2,633,918 shares of the company's stock valued at $14,592,000 after acquiring an additional 617,009 shares in the last quarter. Institutional investors own 98.26% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. BMO Capital Markets reduced 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. JMP Securities reiterated a "market outperform" rating and issued a $20.00 price objective on shares of Terns Pharmaceuticals in a report on Monday, April 21st. Finally, William Blair reissued a "market perform" rating on shares of Terns Pharmaceuticals in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.63.

Terns Pharmaceuticals Stock Up 0.6%

TERN traded up $0.02 during mid-day trading on Friday, reaching $3.12. 730,860 shares of the company traded hands, compared to its average volume of 1,525,712. The company's fifty day moving average price is $2.78 and its 200-day moving average price is $4.19. The stock has a market capitalization of $272.49 million, a P/E ratio of -2.64 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 quarterly earnings data on Thursday, May 8th. The company reported ($0.26) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.03. As a group, sell-side analysts forecast 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.