Terns Pharmaceuticals (NASDAQ:TERN) Trading Up 10.3% - What's Next?

Key Points

• Terns Pharmaceuticals' stock surged 10.3%, closing at $8.17, following recent analyst coverage that rated it as a "Moderate Buy" with a consensus target price of $15.49.
• Insider trading activity saw CFO Andrew Gengos and CEO Amy L. Burroughs significantly increase their holdings, with Gengos acquiring 10,000 shares and Burroughs purchasing 23,314 shares at prices around $3.93 and $3.87, respectively.
• Institutional investors dominate Terns Pharmaceuticals, owning approximately 98.26% of the company's stock, with notable stakes acquired by firms like Nuveen Asset Management and Invesco Ltd.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report) shares shot up 10.3% during trading on Thursday . The company traded as high as $8.17 and last traded at $8.17. 583,735 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,158,230 shares. The stock had previously closed at $7.40.

Analyst Ratings Changes

A number of brokerages have recently commented on TERN. Barclays began coverage on Terns Pharmaceuticals in a research report on Wednesday. They issued an "overweight" rating and a $15.00 price target on the stock. HC Wainwright began coverage on Terns Pharmaceuticals in a research report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price target on the stock. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Terns Pharmaceuticals Stock Performance

The firm has a fifty day moving average price of $6.53 and a two-hundred day moving average price of $4.40. The stock has a market capitalization of $658.95 million, a P/E ratio of -7.24 and a beta of -0.04.

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

Insiders Place Their Bets

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs purchased 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 acquisition, the chief executive officer owned 47,083 shares in the company, valued at approximately $182,211.21. The trade was a 98.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Gengos purchased 10,000 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was acquired at an average cost of $3.93 per share, with a total value of $39,300.00. Following the acquisition, the chief financial officer owned 25,000 shares in the company, valued at $98,250. The trade was a 66.67% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently modified their holdings of TERN. Thrive Wealth Management LLC purchased a new position in shares of Terns Pharmaceuticals during the first quarter worth approximately $29,000. Vontobel Holding Ltd. purchased a new position in Terns Pharmaceuticals during the first quarter valued at approximately $39,000. Engineers Gate Manager LP purchased a new position in Terns Pharmaceuticals during the second quarter valued at approximately $41,000. Canada Pension Plan Investment Board purchased a new position in Terns Pharmaceuticals during the second quarter valued at approximately $46,000. Finally, LeConte Wealth Management LLC purchased a new position in Terns Pharmaceuticals during the second quarter valued at approximately $47,000. 98.26% of the stock is owned by hedge funds and other 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.