Terns Pharmaceuticals (NASDAQ:TERN) Price Target Lowered to $15.00 at JMP Securities

Key Points

• JMP Securities has lowered its price target for Terns Pharmaceuticals from $20.00 to $15.00, maintaining a "market outperform" rating, which suggests a potential upside of 82.95% from the previous close.
• Other analysts have varying price targets, with Mizuho setting it at $9.00, HC Wainwright at $7.44, and Barclays at $14.00, indicating mixed sentiments from the market.
• Terns Pharmaceuticals currently has a consensus rating of "Moderate Buy" with a consensus price target of $13.92, reflecting ongoing investor interest despite recent price adjustments.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) had its price target decreased by analysts at JMP Securities from $20.00 to $15.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' price objective points to a potential upside of 82.95% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Mizuho set a $9.00 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday. HC Wainwright began coverage on shares of Terns Pharmaceuticals in a research report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price objective on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Terns Pharmaceuticals in a research report on Wednesday, October 8th. Truist Financial initiated coverage on shares of Terns Pharmaceuticals in a research report on Tuesday, October 14th. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Barclays reduced their target price on shares of Terns Pharmaceuticals from $15.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.92.

Terns Pharmaceuticals Stock Performance

Shares of TERN opened at $8.20 on Thursday. The stock has a market capitalization of $717.50 million, a P/E ratio of -7.85 and a beta of -0.03. The company's fifty day moving average is $7.56 and its two-hundred day moving average is $5.17. Terns Pharmaceuticals has a 1 year low of $1.87 and a 1 year high of $9.03.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.02. Sell-side analysts predict that Terns Pharmaceuticals will post -1.19 EPS for the current year.

Institutional Trading of Terns Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in Terns Pharmaceuticals by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,262 shares of the company's stock worth $102,000 after purchasing an additional 2,097 shares in the last quarter. Velan Capital Investment Management LP grew its position in Terns Pharmaceuticals by 17.6% in the second quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company's stock valued at $75,000 after acquiring an additional 3,000 shares in the last quarter. Intech Investment Management LLC grew its position in Terns Pharmaceuticals by 15.5% in the second quarter. Intech Investment Management LLC now owns 46,121 shares of the company's stock valued at $172,000 after acquiring an additional 6,199 shares in the last quarter. Rhumbline Advisers grew its position in Terns Pharmaceuticals by 10.1% in the second quarter. Rhumbline Advisers now owns 106,451 shares of the company's stock valued at $397,000 after acquiring an additional 9,792 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in Terns Pharmaceuticals in the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 98.26% of the company's stock.

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.

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