Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Down - Time to Sell?

Key Points

• Terns Pharmaceuticals' shares gapped down significantly, opening at $7.14 after a previous close of $8.12, with current trading at $7.71.
• Research analysts have set varying price targets for Tern's stock: Barclays at $14.00, Truist at $20.00, and Mizuho at $9.00, indicating mixed sentiment among investors.
• Institutional investors hold 98.26% of Terns Pharmaceuticals stock, with notable increases in holdings from Candriam S.C.A. and Geode Capital Management LLC during the second quarter.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.12, but opened at $7.14. Terns Pharmaceuticals shares last traded at $7.71, with a volume of 1,508,319 shares.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TERN shares. HC Wainwright began coverage on Terns Pharmaceuticals in a research report on Thursday, September 4th. They set a "neutral" rating and a $7.44 price objective for the company. Barclays set a $14.00 target price on Terns Pharmaceuticals and gave the company an "overweight" rating in a research report on Wednesday. Truist Financial assumed coverage on Terns Pharmaceuticals in a research report on Tuesday, October 14th. They set a "buy" rating and a $20.00 price target on the stock. Mizuho set a $9.00 target price on Terns Pharmaceuticals in a report on Wednesday. Finally, Oppenheimer set a $17.00 target price on Terns Pharmaceuticals in a research report on Wednesday. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.63.

Terns Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $7.53 and a 200-day simple moving average of $5.15. The firm has a market cap of $672.95 million, a price-to-earnings ratio of -7.39 and a beta of -0.03.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.02. As a group, research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Candriam S.C.A. increased its holdings in shares of Terns Pharmaceuticals by 9.9% in the second quarter. Candriam S.C.A. now owns 2,368,235 shares of the company's stock worth $8,834,000 after purchasing an additional 214,266 shares during the period. Geode Capital Management LLC boosted its position in Terns Pharmaceuticals by 3.8% during 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. Nuveen LLC purchased a new stake in Terns Pharmaceuticals during the first quarter valued at about $3,880,000. Adage Capital Partners GP L.L.C. purchased a new stake in Terns Pharmaceuticals during the second quarter valued at about $4,774,000. Finally, Franklin Resources Inc. purchased a new stake in Terns Pharmaceuticals during the second quarter valued at about $4,765,000. 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.

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