Bleakley Financial Group LLC Increases Stock Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Bleakley Financial Group LLC increased its position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 262.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,296 shares of the company’s stock after acquiring an additional 34,984 shares during the period. Bleakley Financial Group LLC’s holdings in Terns Pharmaceuticals were worth $268,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its holdings in Terns Pharmaceuticals by 0.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,707,515 shares of the company’s stock worth $22,581,000 after acquiring an additional 17,139 shares during the last quarter. Geode Capital Management LLC raised its holdings in Terns Pharmaceuticals by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,207,479 shares of the company’s stock worth $10,072,000 after acquiring an additional 85,617 shares during the last quarter. Bellevue Group AG purchased a new stake in Terns Pharmaceuticals during the 3rd quarter valued at $8,691,000. Parkman Healthcare Partners LLC raised its stake in Terns Pharmaceuticals by 39.8% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 545,751 shares of the company’s stock valued at $4,552,000 after buying an additional 155,481 shares during the last quarter. Finally, Acuta Capital Partners LLC raised its stake in Terns Pharmaceuticals by 31.9% during the 3rd quarter. Acuta Capital Partners LLC now owns 487,000 shares of the company’s stock valued at $4,062,000 after buying an additional 117,720 shares during the last quarter. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Amy L. Burroughs bought 15,450 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average price of $7.15 per share, with a total value of $110,467.50. Following the acquisition, the chief executive officer now owns 19,099 shares of the company’s stock, valued at approximately $136,557.85. This represents a 423.40 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Emil Kuriakose sold 4,481 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $5.71, for a total transaction of $25,586.51. Following the completion of the transaction, the insider now directly owns 54,269 shares of the company’s stock, valued at $309,875.99. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 18,210 shares of company stock valued at $124,571 and sold 36,669 shares valued at $211,040. 15.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on TERN. HC Wainwright reiterated a “neutral” rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. Finally, Oppenheimer boosted their target price on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.30.

Terns Pharmaceuticals Price Performance

Shares of TERN stock opened at $4.30 on Wednesday. Terns Pharmaceuticals, Inc. has a 1 year low of $4.16 and a 1 year high of $11.40. The firm has a fifty day moving average price of $5.37 and a 200-day moving average price of $6.80. The company has a market cap of $365.24 million, a price-to-earnings ratio of -3.64 and a beta of -0.34.

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

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.