Terns Pharmaceuticals (NASDAQ:TERN) Now Covered by Analysts at HC Wainwright

Equities research analysts at HC Wainwright started coverage on shares of Terns Pharmaceuticals (NASDAQ:TERN) in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage set a “neutral” rating and a $7.44 price target on the stock. HC Wainwright’s price target indicates a potential upside of 3.05% from the stock’s previous close.

Separately, BMO Capital Markets dropped their price target on shares of Terns Pharmaceuticals from $26.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Terns Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.61.

Terns Pharmaceuticals Trading Up 2.3%

Shares of NASDAQ:TERN opened at $7.22 on Thursday. The company has a fifty day simple moving average of $5.91 and a 200 day simple moving average of $4.14. The firm has a market cap of $631.82 million, a PE ratio of -6.94 and a beta of -0.04. Terns Pharmaceuticals has a 12-month low of $1.87 and a 12-month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.02. As a group, equities research analysts forecast that Terns Pharmaceuticals will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, CEO Amy L. Burroughs purchased 23,314 shares of Terns Pharmaceuticals stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $3.87 per share, with a total value of $90,225.18. Following the completion of the acquisition, the chief executive officer owned 47,083 shares in the company, valued at $182,211.21. The trade was a 98.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Gengos purchased 10,000 shares of Terns Pharmaceuticals stock in a transaction dated Friday, June 27th. The shares were purchased at an average cost of $3.93 per share, with a total value of $39,300.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $98,250. This trade represents a 66.67% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 48,314 shares of company stock valued at $186,575. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Terns Pharmaceuticals during the second quarter valued at $41,000. BNP Paribas Financial Markets boosted its holdings in shares of Terns Pharmaceuticals by 11.6% during the second quarter. BNP Paribas Financial Markets now owns 506,777 shares of the company’s stock valued at $1,890,000 after acquiring an additional 52,796 shares during the period. Bridgeway Capital Management LLC acquired a new position in shares of Terns Pharmaceuticals during the second quarter valued at $354,000. Adage Capital Partners GP L.L.C. acquired a new stake in Terns Pharmaceuticals in the second quarter worth about $4,774,000. Finally, Acuta Capital Partners LLC lifted its holdings in Terns Pharmaceuticals by 42.5% in the second quarter. Acuta Capital Partners LLC now owns 463,864 shares of the company’s stock worth $1,730,000 after purchasing an additional 138,314 shares during the period. 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.