Terns Pharmaceuticals (NASDAQ:TERN) Now Covered by HC Wainwright

Key Points

• HC Wainwright has initiated coverage on Terns Pharmaceuticals (NASDAQ:TERN) with a "neutral" rating and a price target of $7.44, indicating a potential upside of 3.66% from its current price.
• BMO Capital Markets has lowered its price target for Terns from $26.00 to $15.00, while maintaining an "outperform" rating, reflecting mixed analyst sentiments.
• Insiders, including CEO Amy L. Burroughs, have significantly increased their holdings in Terns Pharmaceuticals, with Burroughs acquiring over 23,000 shares recently, indicating confidence in the company.

HC Wainwright started coverage on shares of Terns Pharmaceuticals (NASDAQ:TERN - Free Report) in a research note released on Thursday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $7.44 target price on the stock.

Separately, BMO Capital Markets cut their price objective on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.61.

Terns Pharmaceuticals Stock Performance

Shares of TERN traded up $0.16 during mid-day trading on Thursday, hitting $7.22. 758,049 shares of the company were exchanged, compared to its average volume of 1,116,485. Terns Pharmaceuticals has a 1-year low of $1.87 and a 1-year high of $11.40. The company has a 50 day moving average of $5.91 and a 200-day moving average of $4.14. The stock has a market cap of $631.83 million, a price-to-earnings ratio of -6.94 and a beta of -0.04.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last released 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 anticipate that Terns Pharmaceuticals will post -1.19 earnings per share for the current fiscal year.

Insider Activity at Terns Pharmaceuticals

In other news, CEO Amy L. Burroughs purchased 23,314 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was acquired at an average price of $3.87 per share, with a total value of $90,225.18. Following the purchase, the chief executive officer directly owned 47,083 shares in the company, valued at approximately $182,211.21. This represents a 98.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Gengos purchased 10,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was purchased at an average cost of $3.93 per share, with a total value of $39,300.00. Following the purchase, the chief financial officer owned 25,000 shares in the company, valued at approximately $98,250. This trade represents a 66.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 48,314 shares of company stock valued at $186,575. Corporate insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Thrive Wealth Management LLC purchased a new position in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $29,000. Vontobel Holding Ltd. purchased a new position in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $39,000. Engineers Gate Manager LP purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $41,000. Canada Pension Plan Investment Board purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $46,000. Finally, LeConte Wealth Management LLC purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors 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.