Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up to $8.95

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares gapped up before the market opened on Monday . The stock had previously closed at $8.95, but opened at $9.26. Terns Pharmaceuticals shares last traded at $9.36, with a volume of 169,297 shares traded.

Analysts Set New Price Targets

TERN has been the topic of several recent analyst reports. BMO Capital Markets restated an “outperform” rating and set a $26.00 price objective (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday. JMP Securities upped their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Terns Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $15.90.

Terns Pharmaceuticals Stock Performance

The firm has a market capitalization of $622.84 million, a price-to-earnings ratio of -7.64 and a beta of -0.37. The business’s 50 day moving average is $8.15 and its 200-day moving average is $6.97.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. Equities research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.3 EPS for the current fiscal year.

Insider Transactions at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 6,143 shares of the stock in a transaction on Thursday, August 1st. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 6,143 shares of the firm’s stock in a transaction that occurred 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 owns 23,857 shares in the company, valued at approximately $183,221.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carl L. Gordon sold 50,976 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 756,258 shares in the company, valued at $7,562,580. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,354 shares of company stock worth $839,288. Insiders own 15.10% of the company’s stock.

Institutional Trading of Terns Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Terns Pharmaceuticals by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock worth $136,000 after buying an additional 2,261 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in 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 acquiring an additional 4,742 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Terns Pharmaceuticals by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,645 shares of the company’s stock worth $154,000 after acquiring an additional 5,049 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Terns Pharmaceuticals by 17.7% during the second quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock valued at $437,000 after purchasing an additional 9,635 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in shares of Terns Pharmaceuticals in the second quarter valued at approximately $72,000. 98.26% of the stock is currently owned by institutional investors and hedge funds.

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.