Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Sees Significant Decrease in Short Interest

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 1,990,000 shares, a decline of 26.0% from the June 30th total of 2,690,000 shares. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is presently 1.7 days. Approximately 4.6% of the company’s stock are short sold.

Terns Pharmaceuticals Stock Up 2.5 %

TERN opened at $9.01 on Friday. The stock’s 50 day moving average price is $7.40 and its two-hundred day moving average price is $6.56. The firm has a market capitalization of $582.77 million, a P/E ratio of -7.15 and a beta of -0.37. Terns Pharmaceuticals has a 12-month low of $3.26 and a 12-month high of $10.03.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.06. As a group, analysts anticipate that Terns Pharmaceuticals will post -1.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TERN. HC Wainwright reissued a “neutral” rating and set a $5.50 price objective on shares of Terns Pharmaceuticals in a report on Tuesday, May 14th. JMP Securities reiterated a “market outperform” rating and set a $15.00 price target on shares of Terns Pharmaceuticals in a report on Tuesday, April 30th. Two 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 has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Insider Activity at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Carl L. Gordon sold 50,976 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total transaction of $509,760.00. Following the transaction, the director now directly owns 756,258 shares of the company’s stock, valued at $7,562,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. increased its position in Terns Pharmaceuticals by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock valued at $14,978,000 after acquiring an additional 159,013 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Terns Pharmaceuticals by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock valued at $14,425,000 after buying an additional 11,535 shares during the period. Janus Henderson Group PLC increased its stake 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 valued at $13,131,000 after buying an additional 578,500 shares during the period. Great Point Partners LLC raised its position in shares of Terns Pharmaceuticals by 102.8% during the fourth quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock worth $8,502,000 after acquiring an additional 664,076 shares during the last quarter. Finally, Decheng Capital LLC bought a new position in Terns Pharmaceuticals in the fourth quarter valued at about $4,636,000. Institutional investors and hedge funds 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.