Terns Pharmaceuticals (NASDAQ:TERN) Given New $15.00 Price Target at BMO Capital Markets

Terns Pharmaceuticals (NASDAQ:TERN) had its price objective lowered by BMO Capital Markets from $26.00 to $15.00 in a report issued on Tuesday morning,Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on TERN. JMP Securities reaffirmed a “market outperform” rating and set a $20.00 price objective on shares of Terns Pharmaceuticals in a report on Monday, April 21st. William Blair reaffirmed a “market perform” rating on shares of Terns Pharmaceuticals in a research note on Friday, March 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.63.

Terns Pharmaceuticals Trading Up 0.4%

TERN stock opened at $2.79 on Tuesday. The company’s 50-day moving average price is $2.85 and its 200 day moving average price is $4.50. Terns Pharmaceuticals has a 52 week low of $1.87 and a 52 week high of $11.40. The company has a market cap of $243.67 million, a P/E ratio of -2.36 and a beta of -0.16.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.03. On average, equities research analysts expect that Terns Pharmaceuticals will post -1.19 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Thrive Wealth Management LLC purchased a new stake in Terns Pharmaceuticals in the 1st quarter valued at approximately $29,000. Vontobel Holding Ltd. acquired a new position in shares of Terns Pharmaceuticals in the first quarter worth $39,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Terns Pharmaceuticals in the fourth quarter valued at $73,000. Townsquare Capital LLC purchased a new stake in shares of Terns Pharmaceuticals in the fourth quarter valued at $76,000. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Terns Pharmaceuticals by 136.8% during the first quarter. Cubist Systematic Strategies LLC now owns 28,327 shares of the company’s stock valued at $78,000 after acquiring an additional 16,363 shares during the last quarter. 98.26% of the stock is owned by hedge funds and other institutional investors.

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.