Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up Following Insider Buying Activity

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s stock price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $6.58, but opened at $6.85. Terns Pharmaceuticals shares last traded at $7.02, with a volume of 610,471 shares changing hands.

Specifically, CEO Amy L. Burroughs purchased 15,450 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were acquired at an average price of $7.15 per share, for a total transaction of $110,467.50. Following the completion of the acquisition, the chief executive officer now directly owns 19,099 shares in the company, valued at approximately $136,557.85. The trade was a 423.40 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

TERN has been the subject of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and issued a $20.00 target price on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. HC Wainwright reaffirmed a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday, December 4th. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. Finally, Oppenheimer upped their price target on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.30.

Terns Pharmaceuticals Stock Performance

The company has a market cap of $587.78 million, a P/E ratio of -5.95 and a beta of -0.36. The stock’s fifty day moving average price is $6.94 and its two-hundred day moving average price is $7.53.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. On average, equities research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in TERN. Vanguard Group Inc. lifted its stake in Terns Pharmaceuticals by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock valued at $14,425,000 after acquiring an additional 11,535 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Terns Pharmaceuticals by 12.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock worth $136,000 after acquiring an additional 2,261 shares during the period. Simplicity Wealth LLC purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter valued at $72,000. Bank of New York Mellon Corp raised its position in shares of Terns Pharmaceuticals by 56.8% in the second quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock worth $1,203,000 after buying an additional 64,018 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Terns Pharmaceuticals by 50.3% during the second quarter. Rhumbline Advisers now owns 88,641 shares of the company’s stock worth $604,000 after buying an additional 29,659 shares in the last quarter. 98.26% of the stock is owned by institutional investors and hedge funds.

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.