Short Interest in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Grows By 47.8%

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 2,660,000 shares, an increase of 47.8% from the August 15th total of 1,800,000 shares. Based on an average trading volume of 1,780,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 5.6% of the company’s shares are short sold.

Terns Pharmaceuticals Stock Performance

NASDAQ:TERN traded up $0.41 during mid-day trading on Monday, reaching $9.36. 169,297 shares of the company’s stock were exchanged, compared to its average volume of 1,241,676. The firm has a market capitalization of $605.38 million, a PE ratio of -7.07 and a beta of -0.37. Terns Pharmaceuticals has a one year low of $3.26 and a one year high of $11.40. The business’s fifty day simple moving average is $8.07 and its two-hundred day simple moving average is $6.94.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its earnings results on Monday, August 5th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.04. As a group, equities research analysts forecast that Terns Pharmaceuticals will post -1.3 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on TERN shares. BMO Capital Markets reissued an “outperform” rating and issued a $26.00 target price (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. JMP Securities boosted their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Insider Activity

In other news, Director Carl L. Gordon sold 50,976 shares of the business’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 completion of the transaction, the director now owns 756,258 shares of the company’s stock, valued at approximately $7,562,580. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Terns Pharmaceuticals news, Director Carl L. Gordon sold 50,976 shares of Terns Pharmaceuticals 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 owns 756,258 shares of the company’s stock, valued at approximately $7,562,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark J. Vignola sold 10,000 shares of Terns Pharmaceuticals stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the completion of the sale, the chief financial officer now owns 91,940 shares in the company, valued at $1,011,340. The disclosure for this sale can be found here. Insiders sold a total of 84,354 shares of company stock valued at $839,288 in the last ninety days. 15.10% of the stock is owned by insiders.

Institutional Trading of Terns Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Simplicity Wealth LLC acquired a new position in Terns Pharmaceuticals in the second quarter valued at about $72,000. China Universal Asset Management Co. Ltd. raised its position in shares of Terns Pharmaceuticals by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock valued at $78,000 after buying an additional 4,742 shares in the last quarter. Walleye Trading LLC bought a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $98,000. Kennedy Capital Management LLC acquired a new stake in shares of Terns Pharmaceuticals during the 1st quarter worth approximately $101,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $106,000. 98.26% of the stock is currently owned by institutional investors.

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.