Velan Capital Investment Management LP Invests $94,000 in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Velan Capital Investment Management LP acquired a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 17,000 shares of the company’s stock, valued at approximately $94,000. Terns Pharmaceuticals makes up about 0.1% of Velan Capital Investment Management LP’s portfolio, making the stock its 28th largest position.

Several other hedge funds have also modified their holdings of TERN. Landscape Capital Management L.L.C. purchased a new stake in Terns Pharmaceuticals during the 4th quarter valued at $73,000. Townsquare Capital LLC bought a new position in Terns Pharmaceuticals during the fourth quarter valued at $76,000. Oxford Asset Management LLP purchased a new stake in shares of Terns Pharmaceuticals in the fourth quarter valued at $86,000. Savant Capital LLC purchased a new stake in shares of Terns Pharmaceuticals in the fourth quarter valued at $89,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Terns Pharmaceuticals in the fourth quarter valued at $99,000. 98.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TERN. William Blair reissued a “market perform” rating on shares of Terns Pharmaceuticals in a research note on Friday, March 21st. JMP Securities reissued a “market outperform” rating and issued a $20.00 target price on shares of Terns Pharmaceuticals in a research note on Monday, April 21st. Finally, BMO Capital Markets reduced their target price on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.63.

Terns Pharmaceuticals Price Performance

TERN stock opened at $3.15 on Tuesday. The company has a market capitalization of $275.11 million, a PE ratio of -2.67 and a beta of -0.16. Terns Pharmaceuticals, Inc. has a 12 month low of $1.87 and a 12 month high of $11.40. The firm’s 50-day moving average is $2.83 and its 200 day moving average is $4.41.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.03. Sell-side 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.