Terns Pharmaceuticals (NASDAQ:TERN) Coverage Initiated at Barclays

Key Points

• Barclays has upgraded Terns Pharmaceuticals to a "strong-buy" rating, indicating strong confidence in the stock's potential performance.
• The company has a current average rating of "Moderate Buy" with a consensus target price of $15.49 and recently reported earnings exceeding analyst expectations.
• Company insiders, including CEO Amy L. Burroughs, have made significant stock purchases, increasing their holdings and signaling positive outlooks on the company's future.

Barclays assumed coverage on shares of Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set an "overweight" rating and a $15.00 price target on the stock. Barclays's price objective indicates a potential upside of 98.94% from the stock's current price.

Separately, HC Wainwright started coverage on shares of Terns Pharmaceuticals in a research report on Thursday, September 4th. They set a "neutral" rating and a $7.44 price objective for the company. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Terns Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $15.49.

Terns Pharmaceuticals Stock Performance

Shares of NASDAQ:TERN traded up $0.01 during trading hours on Tuesday, hitting $7.54. 813,074 shares of the company's stock traded hands, compared to its average volume of 1,070,285. Terns Pharmaceuticals has a 52 week low of $1.87 and a 52 week high of $10.16. The company's fifty day simple moving average is $6.58 and its two-hundred day simple moving average is $4.43. The company has a market cap of $659.83 million, a price-to-earnings ratio of -7.25 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) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02. On average, analysts anticipate that Terns Pharmaceuticals will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Terns Pharmaceuticals news, CFO Andrew Gengos acquired 10,000 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were purchased at an average price of $3.93 per share, with a total value of $39,300.00. Following the completion of the transaction, the chief financial officer owned 25,000 shares in the company, valued at $98,250. The trade was a 66.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amy L. Burroughs acquired 23,314 shares of the business's 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 transaction, the chief executive officer owned 47,083 shares of the company's stock, valued at approximately $182,211.21. This represents a 98.09% increase in their position. The disclosure for this purchase can be found here. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently modified their holdings of TERN. Northern Trust Corp raised its position in shares of Terns Pharmaceuticals by 27.4% in the fourth quarter. Northern Trust Corp now owns 591,171 shares of the company's stock valued at $3,275,000 after purchasing an additional 127,296 shares during the period. Bank of America Corp DE raised its position in shares of Terns Pharmaceuticals by 236.8% in the fourth quarter. Bank of America Corp DE now owns 197,226 shares of the company's stock valued at $1,093,000 after purchasing an additional 138,661 shares during the period. D. E. Shaw & Co. Inc. grew its stake in shares of Terns Pharmaceuticals by 53.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 57,341 shares of the company's stock worth $318,000 after acquiring an additional 19,870 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Terns Pharmaceuticals by 26.2% in the fourth 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 last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Terns Pharmaceuticals by 30.6% during the fourth quarter. Nuveen Asset Management LLC now owns 2,633,918 shares of the company's stock worth $14,592,000 after buying an additional 617,009 shares in the last quarter. 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.