Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up - Still a Buy?

Key Points

• Terns Pharmaceuticals' stock price opened at $7.59, following a gap up from a previous close of $7.30, and currently trades at $7.74 with a volume of 76,763 shares.
• Barclays initiated coverage with an "overweight" rating and a price target of $15.00, while HC Wainwright set a "neutral" rating at a target of $7.44, indicating mixed sentiments among analysts.
• Insider buying has been notable, with CFO Andrew Gengos acquiring 10,000 shares and CEO Amy L. Burroughs purchasing 23,314 shares, reflecting confidence in the company's future.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $7.30, but opened at $7.59. Terns Pharmaceuticals shares last traded at $7.74, with a volume of 76,763 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on TERN shares. Barclays started coverage on Terns Pharmaceuticals in a research report on Wednesday. They set an "overweight" rating and a $15.00 price target on the stock. HC Wainwright started coverage on Terns Pharmaceuticals in a research report on Thursday, September 4th. They set a "neutral" rating and a $7.44 price target on the stock. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.49.

Terns Pharmaceuticals Trading Down 7.9%

The firm has a 50-day simple moving average of $6.53 and a two-hundred day simple moving average of $4.40. The company has a market capitalization of $658.95 million, a price-to-earnings ratio of -7.24 and a beta of -0.04.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last issued its 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. On average, sell-side analysts forecast that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Insider Activity

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs bought 23,314 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average price of $3.87 per share, for a total transaction of $90,225.18. Following the purchase, the chief executive officer directly owned 47,083 shares in the company, valued at $182,211.21. This trade represents a 98.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Gengos bought 10,000 shares of the firm'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 purchase, the chief financial officer owned 25,000 shares in the company, valued at $98,250. This trade represents a 66.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company's stock.

Institutional Trading of Terns Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in TERN. The Manufacturers Life Insurance Company lifted its position in shares of Terns Pharmaceuticals by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,262 shares of the company's stock worth $102,000 after acquiring an additional 2,097 shares during the period. Velan Capital Investment Management LP lifted its position in shares of Terns Pharmaceuticals by 17.6% in the 2nd quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company's stock worth $75,000 after acquiring an additional 3,000 shares during the period. Intech Investment Management LLC lifted its position in shares of Terns Pharmaceuticals by 15.5% in the 2nd quarter. Intech Investment Management LLC now owns 46,121 shares of the company's stock worth $172,000 after acquiring an additional 6,199 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 8,261 shares during the period. Finally, ProShare Advisors LLC lifted its position in shares of Terns Pharmaceuticals by 58.4% in the 4th quarter. ProShare Advisors LLC now owns 23,821 shares of the company's stock worth $132,000 after acquiring an additional 8,784 shares during the period. 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.