Terns Pharmaceuticals (NASDAQ:TERN) Given New $18.00 Price Target at UBS Group

Terns Pharmaceuticals (NASDAQ:TERN) had its target price lowered by UBS Group from $19.00 to $18.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

TERN has been the subject of several other research reports. JMP Securities lowered their price objective on Terns Pharmaceuticals from $17.00 to $15.00 and set an outperform rating for the company in a research note on Monday, March 18th. BMO Capital Markets raised their price target on shares of Terns Pharmaceuticals from $18.00 to $19.00 and gave the company an outperform rating in a research note on Friday, March 15th. Finally, HC Wainwright reissued a neutral rating and issued a $5.50 price objective on shares of Terns Pharmaceuticals in a research note on Friday, March 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Terns Pharmaceuticals presently has a consensus rating of Moderate Buy and an average price target of $14.94.

Terns Pharmaceuticals Price Performance

Shares of Terns Pharmaceuticals stock opened at $6.16 on Wednesday. The company’s 50 day moving average price is $6.61 and its two-hundred day moving average price is $5.82. The firm has a market capitalization of $398.24 million, a P/E ratio of -4.85 and a beta of -0.61. Terns Pharmaceuticals has a fifty-two week low of $3.26 and a fifty-two week high of $14.04.

Institutional Investors Weigh In On Terns Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Suvretta Capital Management LLC lifted its holdings in shares of Terns Pharmaceuticals by 61.3% in the 2nd quarter. Suvretta Capital Management LLC now owns 5,561,835 shares of the company’s stock worth $48,666,000 after purchasing an additional 2,113,560 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Terns Pharmaceuticals by 347.9% during the second quarter. BlackRock Inc. now owns 3,138,529 shares of the company’s stock valued at $27,462,000 after buying an additional 2,437,862 shares during the last quarter. Braidwell LP increased its position in shares of Terns Pharmaceuticals by 54.2% during the third quarter. Braidwell LP now owns 2,840,052 shares of the company’s stock worth $14,285,000 after acquiring an additional 997,700 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Terns Pharmaceuticals by 7.4% during the 4th quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock worth $14,978,000 after acquiring an additional 159,013 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Terns Pharmaceuticals by 280.8% during the fourth quarter. Millennium Management LLC now owns 1,457,205 shares of the company’s stock valued at $14,834,000 after purchasing an additional 1,074,492 shares in the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.

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.