Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up After Insider Buying Activity

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $6.58, but opened at $6.85. Terns Pharmaceuticals shares last traded at $7.02, with a volume of 610,471 shares changing hands.

Specifically, CEO Amy L. Burroughs acquired 15,450 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average price of $7.15 per share, with a total value of $110,467.50. Following the transaction, the chief executive officer now owns 19,099 shares of the company’s stock, valued at approximately $136,557.85. This trade represents a 423.40 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TERN shares. JMP Securities reiterated a “market outperform” rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. BMO Capital Markets restated an “outperform” rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. HC Wainwright restated a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Finally, Oppenheimer raised their price objective on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.30.

Terns Pharmaceuticals Stock Down 3.2 %

The firm’s 50 day simple moving average is $6.91 and its 200-day simple moving average is $7.54. The company has a market capitalization of $569.09 million, a PE ratio of -5.86 and a beta of -0.36.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. As a group, sell-side analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Trading of Terns Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new stake in Terns Pharmaceuticals in the third quarter valued at $48,000. Sio Capital Management LLC acquired a new stake in Terns Pharmaceuticals in the third quarter valued at $83,000. Entropy Technologies LP acquired a new stake in Terns Pharmaceuticals in the third quarter valued at $106,000. Bleakley Financial Group LLC raised its holdings in shares of Terns Pharmaceuticals by 26.0% during the third quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company’s stock worth $111,000 after purchasing an additional 2,751 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its holdings in shares of Terns Pharmaceuticals by 78.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,535 shares of the company’s stock worth $113,000 after purchasing an additional 5,935 shares during the period. 98.26% of the stock is owned by institutional investors and hedge funds.

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.