Quantbot Technologies LP Purchases 117,079 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Quantbot Technologies LP raised its stake in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 3,114.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 120,838 shares of the company’s stock after purchasing an additional 117,079 shares during the quarter. Quantbot Technologies LP owned approximately 0.17% of Terns Pharmaceuticals worth $1,008,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in Terns Pharmaceuticals during the third quarter worth $48,000. Simplicity Wealth LLC bought a new stake in Terns Pharmaceuticals during the 2nd quarter valued at about $72,000. Walleye Trading LLC purchased a new stake in Terns Pharmaceuticals in the 1st quarter valued at about $98,000. Entropy Technologies LP bought a new position in Terns Pharmaceuticals in the 3rd quarter worth about $106,000. Finally, Bleakley Financial Group LLC increased its position in shares of Terns Pharmaceuticals by 26.0% during the third quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company’s stock worth $111,000 after acquiring an additional 2,751 shares during the period. 98.26% of the stock is owned by hedge funds and other institutional investors.

Terns Pharmaceuticals Trading Down 1.6 %

Shares of NASDAQ:TERN opened at $6.24 on Monday. The company has a market capitalization of $530.02 million, a PE ratio of -5.29 and a beta of -0.32. Terns Pharmaceuticals, Inc. has a 12-month low of $4.19 and a 12-month high of $11.40. The business’s fifty day simple moving average is $7.24 and its 200-day simple moving average is $7.51.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. Research analysts predict that Terns Pharmaceuticals, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $10.00, for a total value of $172,350.00. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at approximately $150,000. This trade represents a 53.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total value of $110,000.00. Following the completion of the sale, the chief financial officer now directly owns 91,940 shares of the company’s stock, valued at approximately $1,011,340. This represents a 9.81 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TERN. BMO Capital Markets reiterated an “outperform” rating and issued a $26.00 price target (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. HC Wainwright increased their price target on Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities raised their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer started coverage on shares of Terns Pharmaceuticals in a research note on Thursday, October 31st. They issued an “outperform” rating and a $82.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

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.