Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Down Following Insider Selling

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $11.23, but opened at $10.64. Terns Pharmaceuticals shares last traded at $10.36, with a volume of 2,901,008 shares trading hands.

Specifically, Director Jill M. Quigley sold 17,235 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 15,000 shares in the company, valued at approximately $150,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TERN. JMP Securities increased their price objective on Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a report on Tuesday. BMO Capital Markets reiterated an “outperform” rating and issued a $19.00 price target on shares of Terns Pharmaceuticals in a research note on Tuesday, August 6th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Terns Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Terns Pharmaceuticals Stock Performance

The stock has a 50 day simple moving average of $8.02 and a 200-day simple moving average of $6.94.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Decheng Capital LLC bought a new stake in shares of Terns Pharmaceuticals during the fourth quarter valued at approximately $4,636,000. Great Point Partners LLC increased its holdings in shares of Terns Pharmaceuticals by 102.8% in the 4th quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after purchasing an additional 664,076 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Terns Pharmaceuticals by 40.6% in the 1st quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after purchasing an additional 578,500 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Terns Pharmaceuticals by 21.1% in the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after purchasing an additional 469,176 shares during the last quarter. Finally, Affinity Asset Advisors LLC lifted its holdings in shares of Terns Pharmaceuticals by 581.8% during the first quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after purchasing an additional 384,000 shares in the last quarter. Institutional investors own 98.26% of the company’s stock.

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.