Terns Pharmaceuticals (NASDAQ:TERN) Shares Up 6.1% on Insider Buying Activity

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) traded up 6.1% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $10.04 and last traded at $9.98. 295,773 shares traded hands during trading, a decline of 76% from the average session volume of 1,247,554 shares. The stock had previously closed at $9.41.

Specifically, Director Hongbo Lu bought 476,190 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, September 12th. The stock was purchased at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the transaction, the director now directly owns 476,190 shares of the company’s stock, valued at $4,999,995. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

TERN has been the topic of a number of research reports. BMO Capital Markets restated an “outperform” rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. JMP Securities upped their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $15.90.

Terns Pharmaceuticals Price Performance

The stock has a 50 day simple moving average of $8.21 and a 200 day simple moving average of $6.99.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.04. As a group, equities analysts predict that Terns Pharmaceuticals, Inc. will post -1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several large investors have recently made changes to their positions in TERN. Dynamic Technology Lab Private Ltd purchased a new position in Terns Pharmaceuticals in the 4th quarter worth approximately $106,000. Franklin Resources Inc. lifted its stake in shares of Terns Pharmaceuticals by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock worth $14,978,000 after purchasing an additional 159,013 shares during the period. Decheng Capital LLC bought a new position in Terns Pharmaceuticals in the fourth quarter worth approximately $4,636,000. Pale Fire Capital SE lifted its position in Terns Pharmaceuticals by 222.4% during the fourth quarter. Pale Fire Capital SE now owns 49,014 shares of the company’s stock valued at $318,000 after purchasing an additional 33,812 shares in the last quarter. Finally, Great Point Partners LLC lifted its position in shares of Terns Pharmaceuticals by 102.8% during the 4th quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock valued at $8,502,000 after buying an additional 664,076 shares in the last quarter. 98.26% of the stock is currently 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.