Terns Pharmaceuticals (NASDAQ:TERN) Issues Quarterly Earnings Results

Key Points

• Terns Pharmaceuticals reported a quarterly earnings of ($0.26) EPS, exceeding analyst expectations by $0.03.
• Shares of Terns Pharmaceuticals experienced a midday increase of $0.33, trading at $6.08, with a market cap of $531.03 million.
• Insider trading activity included significant stock purchases by CFO Andrew Gengos and CEO Amy L. Burroughs, increasing their ownership in the company.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.02, Zacks reports.

Terns Pharmaceuticals Stock Up 4.3%

Shares of Terns Pharmaceuticals stock traded up $0.24 on Friday, hitting $5.88. 261,517 shares of the company traded hands, compared to its average volume of 1,158,879. Terns Pharmaceuticals has a 12-month low of $1.87 and a 12-month high of $11.40. The company has a 50-day moving average price of $4.63 and a 200 day moving average price of $3.79. The company has a market cap of $514.56 million, a PE ratio of -5.72 and a beta of -0.05.

Wall Street Analysts Forecast Growth

TERN has been the subject of a number of analyst reports. JMP Securities reissued a "market outperform" rating and issued a $20.00 price target on shares of Terns Pharmaceuticals in a report on Monday, April 21st. BMO Capital Markets reduced their price target 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. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $15.63.

Insider Activity

In other news, CFO Andrew Gengos bought 10,000 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were acquired at an average cost of $3.93 per share, for a total transaction of $39,300.00. Following the purchase, the chief financial officer owned 25,000 shares of the company's stock, valued at $98,250. This represents a 66.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amy L. Burroughs purchased 23,314 shares of the stock in a transaction dated Wednesday, June 25th. The stock was acquired at an average cost of $3.87 per share, for a total transaction of $90,225.18. Following the completion of the transaction, the chief executive officer owned 47,083 shares of the company's stock, valued at $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 quarter, insiders have bought 48,314 shares of company stock valued at $186,575. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new position in Terns Pharmaceuticals in the 1st quarter valued at approximately $51,000. Cubist Systematic Strategies LLC increased its stake in shares of Terns Pharmaceuticals by 136.8% in the 1st quarter. Cubist Systematic Strategies LLC now owns 28,327 shares of the company's stock valued at $78,000 after buying an additional 16,363 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Terns Pharmaceuticals by 21.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 415,021 shares of the company's stock worth $1,145,000 after buying an additional 71,971 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Terns Pharmaceuticals by 3.8% in the second quarter. Geode Capital Management LLC now owns 1,633,349 shares of the company's stock valued at $6,094,000 after buying an additional 59,145 shares during the period. 98.26% of the stock is owned by institutional investors.

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.