Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up – Should You Buy?

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $6.15, but opened at $6.33. Terns Pharmaceuticals shares last traded at $6.47, with a volume of 240,685 shares.

Wall Street Analyst Weigh In

TERN has been the subject of several research analyst reports. BMO Capital Markets restated an “outperform” rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer began coverage on Terns Pharmaceuticals in a research report on Thursday, October 31st. They set an “outperform” rating and a $82.00 price target on the stock. JMP Securities boosted their price objective on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a report on Tuesday, September 10th. Finally, HC Wainwright raised their target price on Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.70.

Terns Pharmaceuticals Price Performance

The firm has a fifty day simple moving average of $7.24 and a 200 day simple moving average of $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.05. Equities research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.22 EPS for the current year.

Insider Transactions at Terns Pharmaceuticals

In other news, CFO Mark J. Vignola sold 10,000 shares of Terns Pharmaceuticals stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now owns 91,940 shares in the company, valued at $1,011,340. The trade was a 9.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hongbo Lu purchased 476,190 shares of the stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $10.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. increased its holdings in shares of Terns Pharmaceuticals by 0.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,707,515 shares of the company’s stock worth $22,581,000 after buying an additional 17,139 shares during the last quarter. Vanguard Group Inc. increased its stake in Terns Pharmaceuticals by 0.5% during the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after acquiring an additional 11,535 shares during the last quarter. Geode Capital Management LLC raised its position in Terns Pharmaceuticals by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,207,479 shares of the company’s stock valued at $10,072,000 after purchasing an additional 85,617 shares during the period. Bellevue Group AG acquired a new position in shares of Terns Pharmaceuticals in the 3rd quarter valued at $8,691,000. Finally, Parkman Healthcare Partners LLC lifted its position in Terns Pharmaceuticals by 39.8% in the third quarter. Parkman Healthcare Partners LLC now owns 545,751 shares of the company’s stock valued at $4,552,000 after buying an additional 155,481 shares during the last quarter. 98.26% of the stock is owned by hedge funds and other institutional investors.

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.