Terns Pharmaceuticals (NASDAQ:TERN) Hits New 1-Year High – Here’s What Happened

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares reached a new 52-week high on Monday . The company traded as high as $23.31 and last traded at $22.7040, with a volume of 23534 shares changing hands. The stock had previously closed at $22.56.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TERN shares. William Blair upgraded Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Monday, November 3rd. HC Wainwright raised Terns Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Tuesday, November 4th. Barclays boosted their price target on shares of Terns Pharmaceuticals from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Citigroup restated an “outperform” rating on shares of Terns Pharmaceuticals in a research report on Thursday, October 23rd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $28.00 price objective (up previously from $20.00) on shares of Terns Pharmaceuticals in a research report on Tuesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Terns Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $25.63.

Terns Pharmaceuticals Stock Up 7.6%

The stock has a market capitalization of $2.19 billion, a P/E ratio of -23.56 and a beta of -0.02. The company has a 50-day moving average price of $10.12 and a two-hundred day moving average price of $6.66.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.03. On average, sell-side analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Jill M. Quigley sold 24,520 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $18.00, for a total value of $441,360.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in TERN. The Manufacturers Life Insurance Company boosted its position in shares of Terns Pharmaceuticals by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,262 shares of the company’s stock valued at $102,000 after acquiring an additional 2,097 shares during the last quarter. Velan Capital Investment Management LP increased its position in shares of Terns Pharmaceuticals by 17.6% in the second quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock worth $75,000 after purchasing an additional 3,000 shares during the last quarter. Intech Investment Management LLC raised its stake in Terns Pharmaceuticals by 15.5% in the second quarter. Intech Investment Management LLC now owns 46,121 shares of the company’s stock valued at $172,000 after purchasing an additional 6,199 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Terns Pharmaceuticals by 29.6% during the third quarter. Russell Investments Group Ltd. now owns 32,172 shares of the company’s stock valued at $242,000 after purchasing an additional 7,352 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Terns Pharmaceuticals by 10.1% in the 2nd quarter. Rhumbline Advisers now owns 106,451 shares of the company’s stock worth $397,000 after buying an additional 9,792 shares in the last quarter. 98.26% of the stock is currently owned by 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.