Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up to $7.81

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares gapped up before the market opened on Monday . The stock had previously closed at $7.81, but opened at $8.60. Terns Pharmaceuticals shares last traded at $9.10, with a volume of 8,701,224 shares trading hands.

Analyst Upgrades and Downgrades

TERN has been the subject of a number of research analyst reports. HC Wainwright reissued a “neutral” rating and set a $5.50 price target on shares of Terns Pharmaceuticals in a research note on Tuesday, May 14th. BMO Capital Markets reiterated an “outperform” rating and set a $19.00 target price on shares of Terns Pharmaceuticals in a research report on Tuesday, August 6th. Finally, JMP Securities upped their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a report on Tuesday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.50.

Terns Pharmaceuticals Trading Up 23.1 %

The firm has a fifty day simple moving average of $7.89 and a 200 day simple moving average of $6.89.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. As a group, equities analysts predict that Terns Pharmaceuticals, Inc. will post -1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Decheng Capital LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter worth $4,636,000. Great Point Partners LLC grew its stake in Terns Pharmaceuticals by 102.8% during the 4th 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 last quarter. Janus Henderson Group PLC increased its position in Terns Pharmaceuticals by 40.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock valued at $13,131,000 after buying an additional 578,500 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Terns Pharmaceuticals by 21.1% in 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 buying an additional 469,176 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its stake in 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 buying an additional 384,000 shares during the last quarter. Hedge funds and other 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.