Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Down 5.7% After Analyst Downgrade

Key Points

• Terns Pharmaceuticals' stock price fell by 5.7% after JMP Securities reduced their price target from $20.00 to $15.00 while maintaining a market outperform rating.
• Several analysts have varying price targets for the company, with Oppenheimer at $17.00 and Barclays lowering theirs to $14.00, while Weiss Ratings maintained a "sell" rating.
• Approximately 98.26% of Terns Pharmaceuticals' shares are owned by institutional investors, reflecting strong interest from major financial entities.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Get Free Report) shares dropped 5.7% during mid-day trading on Thursday after JMP Securities lowered their price target on the stock from $20.00 to $15.00. JMP Securities currently has a market outperform rating on the stock. Terns Pharmaceuticals traded as low as $7.67 and last traded at $7.68. Approximately 1,242,577 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 1,183,712 shares. The stock had previously closed at $8.14.

Other equities research analysts have also issued reports about the company. Oppenheimer set a $17.00 price target on Terns Pharmaceuticals in a research report on Wednesday. Barclays decreased their price target on Terns Pharmaceuticals from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday. Weiss Ratings restated a "sell (d-)" rating on shares of Terns Pharmaceuticals in a research report on Wednesday, October 8th. Mizuho set a $9.00 price objective on Terns Pharmaceuticals in a research report on Wednesday. Finally, HC Wainwright assumed coverage on Terns Pharmaceuticals in a research report on Thursday, September 4th. They issued a "neutral" rating and a $7.44 price objective on the stock. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $13.92.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. bought a new position in shares of Terns Pharmaceuticals in the 1st quarter worth $39,000. Engineers Gate Manager LP bought a new position in shares of Terns Pharmaceuticals in the 2nd quarter worth $41,000. Canada Pension Plan Investment Board bought a new position in shares of Terns Pharmaceuticals in the 2nd quarter worth $46,000. LeConte Wealth Management LLC acquired a new stake in Terns Pharmaceuticals during the 2nd quarter worth $47,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Terns Pharmaceuticals during the 1st quarter worth $51,000. 98.26% of the stock is currently owned by institutional investors.

Terns Pharmaceuticals Trading Down 5.3%

The firm has a market cap of $674.27 million, a price-to-earnings ratio of -7.38 and a beta of -0.03. The company has a 50 day moving average of $7.56 and a 200 day moving average of $5.17.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last issued 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. Equities analysts forecast that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

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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