Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Down to $11.23

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) gapped down prior to trading on Wednesday . The stock had previously closed at $11.23, but opened at $10.64. Terns Pharmaceuticals shares last traded at $10.36, with a volume of 2,901,008 shares traded.

Analyst Ratings Changes

A number of equities analysts recently commented on TERN shares. HC Wainwright restated a “neutral” rating and set a $5.50 target price on shares of Terns Pharmaceuticals in a report on Tuesday, May 14th. JMP Securities lifted their price objective on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research report on Tuesday. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $19.00 target price on shares of Terns Pharmaceuticals in a research report on Tuesday, August 6th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.50.

Terns Pharmaceuticals Stock Down 6.1 %

The stock has a market capitalization of $682.37 million, a PE ratio of -8.21 and a beta of -0.37. The company’s fifty day moving average price is $7.89 and its 200-day moving average price is $6.89.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its earnings results on Monday, August 5th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. Equities research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.31 earnings per share for the current year.

Insider Activity at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 6,143 shares of Terns Pharmaceuticals stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total transaction of $47,178.24. Following the transaction, the director now owns 23,857 shares in the company, valued at approximately $183,221.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Carl L. Gordon sold 50,976 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the transaction, the director now owns 756,258 shares of the company’s stock, valued at $7,562,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jill M. Quigley sold 6,143 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $7.68, for a total transaction of $47,178.24. Following the transaction, the director now directly owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Decheng Capital LLC purchased a new position in shares of Terns Pharmaceuticals in the 4th quarter worth approximately $4,636,000. Great Point Partners LLC boosted its stake in Terns Pharmaceuticals by 102.8% during the fourth quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after buying an additional 664,076 shares during the period. Janus Henderson Group PLC increased its position in Terns Pharmaceuticals by 40.6% during the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock valued at $13,131,000 after acquiring an additional 578,500 shares during the last quarter. Point72 Asset Management L.P. increased its position in Terns Pharmaceuticals by 21.1% during the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after acquiring an additional 469,176 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its stake in shares of Terns Pharmaceuticals by 581.8% in the first quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after acquiring an additional 384,000 shares during the period. Institutional investors 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.