Terns Pharmaceuticals (NASDAQ:TERN) Shares Down 3.5% - Here's What Happened

Key Points

• Terns Pharmaceuticals' stock fell 3.5% to $7.18 with trading volume significantly down, reaching only 47,492 shares compared to an average of over 1.1 million shares.
• Analysts at HC Wainwright issued a "neutral" rating for Terns with a price target of $7.44, while the consensus rating remains a "Moderate Buy" with a higher average price target of $15.61.
• Insider activity included the CEO purchasing 23,314 shares at $3.87 each, boosting her ownership stake by 98.09%, indicative of confidence in the company's outlook.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report) shares were down 3.5% during mid-day trading on Friday . The stock traded as low as $7.17 and last traded at $7.18. Approximately 47,492 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,157,161 shares. The stock had previously closed at $7.44.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TERN shares. Barclays started coverage on shares of Terns Pharmaceuticals in a research note on Wednesday. They issued an "overweight" rating and a $15.00 price objective on the stock. HC Wainwright started coverage on shares of Terns Pharmaceuticals in a research note on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price objective on the stock. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Terns Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Terns Pharmaceuticals Stock Up 3.3%

The firm's 50-day moving average price is $6.36 and its two-hundred day moving average price is $4.31. The firm has a market capitalization of $659.83 million, a PE ratio of -7.25 and a beta of -0.04.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.26) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.02. Equities research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Andrew Gengos bought 10,000 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were acquired at an average price of $3.93 per share, with a total value of $39,300.00. Following the completion of the transaction, the chief financial officer owned 25,000 shares of the company's stock, valued at $98,250. The trade was a 66.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amy L. Burroughs bought 23,314 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were bought at an average cost of $3.87 per share, for a total transaction of $90,225.18. Following the transaction, the chief executive officer directly owned 47,083 shares of the company's stock, valued at $182,211.21. This trade represents a 98.09% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of TERN. Northern Trust Corp increased its holdings in Terns Pharmaceuticals by 27.4% in the 4th quarter. Northern Trust Corp now owns 591,171 shares of the company's stock valued at $3,275,000 after buying an additional 127,296 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Terns Pharmaceuticals in the 4th quarter worth about $1,242,000. Bank of America Corp DE grew its holdings in shares of Terns Pharmaceuticals by 236.8% in the 4th quarter. Bank of America Corp DE now owns 197,226 shares of the company's stock worth $1,093,000 after purchasing an additional 138,661 shares during the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of Terns Pharmaceuticals by 53.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 57,341 shares of the company's stock worth $318,000 after purchasing an additional 19,870 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Terns Pharmaceuticals by 26.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,784 shares of the company's stock worth $220,000 after purchasing an additional 8,261 shares during the last quarter. 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.