Acuta Capital Partners LLC Has $4.06 Million Stock Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Acuta Capital Partners LLC boosted its holdings in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 31.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 487,000 shares of the company’s stock after acquiring an additional 117,720 shares during the quarter. Terns Pharmaceuticals accounts for about 3.3% of Acuta Capital Partners LLC’s investment portfolio, making the stock its 11th largest holding. Acuta Capital Partners LLC owned 0.69% of Terns Pharmaceuticals worth $4,062,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in shares of Terns Pharmaceuticals by 40.6% during the first 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 during the period. Point72 Asset Management L.P. boosted its stake in shares of Terns Pharmaceuticals by 21.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after buying an additional 469,176 shares during the period. Salem Investment Counselors Inc. purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter valued at $2,531,000. Telemark Asset Management LLC acquired a new position in shares of Terns Pharmaceuticals in the third quarter worth $2,502,000. Finally, Quantbot Technologies LP raised its holdings in shares of Terns Pharmaceuticals by 3,114.6% during the third quarter. Quantbot Technologies LP now owns 120,838 shares of the company’s stock worth $1,008,000 after acquiring an additional 117,079 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Up 7.8 %

Shares of Terns Pharmaceuticals stock opened at $6.34 on Thursday. Terns Pharmaceuticals, Inc. has a 12-month low of $3.86 and a 12-month high of $11.40. The stock has a 50 day moving average price of $7.39 and a two-hundred day moving average price of $7.49. The stock has a market capitalization of $538.52 million, a P/E ratio of -5.37 and a beta of -0.32.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.05. Sell-side analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current year.

Insider Activity

In related news, Director Jill M. Quigley sold 17,235 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $10.00, for a total transaction of $172,350.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $150,000. This represents a 53.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Hongbo Lu purchased 476,190 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was bought at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the completion of the transaction, the director now directly owns 476,190 shares in the company, valued at approximately $4,999,995. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JMP Securities boosted their target price 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. HC Wainwright boosted their price target on Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Oppenheimer began coverage on shares of Terns Pharmaceuticals in a research report on Thursday, October 31st. They set an “outperform” rating and a $82.00 price objective on the stock. Finally, 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 report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.70.

Terns Pharmaceuticals 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.