Terns Pharmaceuticals (NASDAQ:TERN) Shares Down 5.1% - Here's Why

Key Points

• Terns Pharmaceuticals' stock price fell by 5.1% to $7.77, with trading volume decreasing by 63% from its average session.
• Analysts have set differing price targets, with Barclays rating the stock as "overweight" with a target of $15.00 and HC Wainwright providing a target of $7.44.
• Insider trading activity includes CEO Amy L. Burroughs purchasing 23,314 shares and CFO Andrew Gengos acquiring 10,000 shares recently, indicating strong insider confidence.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report)'s stock price dropped 5.1% during mid-day trading on Friday . The company traded as low as $7.72 and last traded at $7.77. Approximately 422,852 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,155,905 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

TERN has been the topic of a number of research reports. Barclays initiated coverage on Terns Pharmaceuticals in a research note on Wednesday, September 17th. They issued an "overweight" rating and a $15.00 price objective on the stock. HC Wainwright assumed coverage on 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 given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.49.

Terns Pharmaceuticals Stock Performance

The stock has a fifty day moving average of $6.58 and a 200-day moving average of $4.43. The company has a market cap of $659.83 million, a PE ratio of -7.25 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. As a group, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling at Terns Pharmaceuticals

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

Hedge Funds Weigh In On Terns Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Nuveen Asset Management LLC raised its holdings in shares of Terns Pharmaceuticals by 30.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,633,918 shares of the company's stock valued at $14,592,000 after acquiring an additional 617,009 shares during the last quarter. Candriam S.C.A. raised its holdings in shares of Terns Pharmaceuticals by 9.9% during the second quarter. Candriam S.C.A. now owns 2,368,235 shares of the company's stock valued at $8,834,000 after acquiring an additional 214,266 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 acquiring an additional 59,145 shares during the last quarter. Nuveen LLC acquired a new position in shares of Terns Pharmaceuticals during the first quarter valued at approximately $3,880,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Terns Pharmaceuticals in the second quarter valued at approximately $4,774,000. Hedge funds and other 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.