Short Interest in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Increases By 41.4%

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 3,760,000 shares, an increase of 41.4% from the August 31st total of 2,660,000 shares. Based on an average trading volume of 1,950,000 shares, the short-interest ratio is presently 1.9 days. Approximately 6.4% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TERN. JMP Securities raised their price objective 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. BMO Capital Markets restated an “outperform” rating and set a $26.00 price target (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Terns Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.90.

Insider Buying and Selling at Terns Pharmaceuticals

In related news, Director Carl L. Gordon sold 50,976 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $10.00, for a total value of $509,760.00. Following the sale, the director now directly owns 756,258 shares in the company, valued at $7,562,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Terns Pharmaceuticals news, Director Hongbo Lu bought 476,190 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $10.50 per share, for a total transaction of $4,999,995.00. Following the acquisition, the director now directly owns 476,190 shares in the company, valued at approximately $4,999,995. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl L. Gordon sold 50,976 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $10.00, for a total transaction of $509,760.00. Following the sale, the director now owns 756,258 shares in the company, valued at $7,562,580. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,354 shares of company stock worth $839,288. Insiders own 15.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TERN. Point72 Asset Management L.P. lifted 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. The Manufacturers Life Insurance Company lifted its holdings in shares of Terns Pharmaceuticals by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock valued at $154,000 after purchasing an additional 5,049 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Terns Pharmaceuticals in the 2nd quarter worth $596,000. Dimensional Fund Advisors LP grew its stake in Terns Pharmaceuticals by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 371,892 shares of the company’s stock worth $2,534,000 after buying an additional 31,875 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Terns Pharmaceuticals by 17.7% during the 2nd quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock valued at $437,000 after buying an additional 9,635 shares in the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Terns Pharmaceuticals Trading Down 3.4 %

Shares of NASDAQ TERN traded down $0.30 during mid-day trading on Friday, reaching $8.55. The company had a trading volume of 1,236,044 shares, compared to its average volume of 1,279,332. The stock has a market cap of $601.41 million, a price-to-earnings ratio of -6.79 and a beta of -0.37. Terns Pharmaceuticals has a 52 week low of $3.26 and a 52 week high of $11.40. The business’s 50-day moving average is $8.24 and its 200-day moving average is $7.07.

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

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.