Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up to $7.31

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $7.31, but opened at $8.10. Terns Pharmaceuticals shares last traded at $7.87, with a volume of 194,198 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, April 30th. HC Wainwright restated a “neutral” rating and issued a $5.50 price target on shares of Terns Pharmaceuticals in a report on Tuesday, May 14th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Terns Pharmaceuticals in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Terns Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Terns Pharmaceuticals Stock Up 4.1 %

The business has a 50-day moving average price of $7.60 and a two-hundred day moving average price of $6.65. The company has a market capitalization of $492.21 million, a price-to-earnings ratio of -6.29 and a beta of -0.37.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.06. On average, sell-side analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jill M. Quigley sold 6,143 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $7.68, for a total value of $47,178.24. Following the transaction, the director now owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Jill M. Quigley sold 6,143 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $7.68, for a total value of $47,178.24. Following the completion of the sale, the director now directly owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carl L. Gordon sold 50,976 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the transaction, the director now owns 756,258 shares in the company, valued at $7,562,580. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in Terns Pharmaceuticals by 12.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock valued at $136,000 after buying an additional 2,261 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Terns Pharmaceuticals by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock valued at $78,000 after acquiring an additional 4,742 shares during the last quarter. AJOVista LLC bought a new stake in Terns Pharmaceuticals during the fourth quarter worth $58,000. Simplicity Solutions LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter worth $68,000. Finally, Bleakley Financial Group LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter worth $68,000. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

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.