Terns Pharmaceuticals (NASDAQ:TERN) Announces Quarterly Earnings Results

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) posted its earnings results on Thursday, May 8th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.03, Zacks reports.

Terns Pharmaceuticals Stock Up 3.2%

NASDAQ TERN traded up $0.09 on Friday, reaching $2.88. The stock had a trading volume of 747,351 shares, compared to its average volume of 1,530,745. The firm has a market capitalization of $251.53 million, a price-to-earnings ratio of -2.44 and a beta of -0.16. Terns Pharmaceuticals has a 12-month low of $1.87 and a 12-month high of $11.40. The stock has a fifty day moving average price of $2.84 and a two-hundred day moving average price of $4.47.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TERN. BMO Capital Markets reduced 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. JMP Securities reaffirmed a "market outperform" rating and set a $20.00 price target on shares of Terns Pharmaceuticals in a research report on Monday, April 21st. Finally, William Blair reaffirmed 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 given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.63.

Institutional Trading of Terns Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TERN. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Terns Pharmaceuticals during the first quarter worth $51,000. Cubist Systematic Strategies LLC increased its position in shares of Terns Pharmaceuticals by 136.8% during the first quarter. Cubist Systematic Strategies LLC now owns 28,327 shares of the company's stock worth $78,000 after acquiring an additional 16,363 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Terns Pharmaceuticals by 21.0% during the first quarter. Goldman Sachs Group Inc. now owns 415,021 shares of the company's stock worth $1,145,000 after acquiring an additional 71,971 shares during the period. Hedge funds and other institutional investors own 98.26% of the company's stock.

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.