Terns Pharmaceuticals (NASDAQ:TERN) Issues 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 quarterly earnings results on Tuesday. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02, Zacks reports.

Terns Pharmaceuticals Price Performance

Shares of NASDAQ:TERN traded up $0.44 during mid-day trading on Friday, reaching $6.08. 798,851 shares of the company were exchanged, compared to its average volume of 1,061,507. The firm has a market cap of $532.06 million, a price-to-earnings ratio of -5.85 and a beta of -0.05. The firm's 50-day simple moving average is $4.69 and its 200 day simple moving average is $3.79. Terns Pharmaceuticals has a 1 year low of $1.87 and a 1 year high of $11.40.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TERN shares. JMP Securities reissued a "market outperform" rating and issued a $20.00 price target on shares of Terns Pharmaceuticals in a research note on Monday, April 21st. BMO Capital Markets dropped their price target on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $15.63.

Insider Buying and Selling

In related news, CEO Amy L. Burroughs acquired 23,314 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average price of $3.87 per share, with a total value of $90,225.18. Following the transaction, the chief executive officer owned 47,083 shares of the company's stock, valued at approximately $182,211.21. This trade 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 acquired 10,000 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were bought at an average cost of $3.93 per share, with a total value of $39,300.00. Following the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at $98,250. This trade represents a 66.67% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 48,314 shares of company stock valued at $186,575 in the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Terns Pharmaceuticals by 3.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,633,349 shares of the company's stock worth $6,094,000 after purchasing an additional 59,145 shares during the period. Goldman Sachs Group Inc. lifted its holdings in 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 in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Terns Pharmaceuticals by 136.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 28,327 shares of the company's stock worth $78,000 after buying an additional 16,363 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Terns Pharmaceuticals during the 1st quarter worth approximately $51,000. 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.