Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Down 4% After Insider Selling

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s stock price dropped 4% during trading on Thursday after an insider sold shares in the company. The company traded as low as $10.17 and last traded at $10.25. Approximately 588,553 shares traded hands during trading, a decline of 51% from the average daily volume of 1,211,538 shares. The stock had previously closed at $10.68.

Specifically, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now owns 91,940 shares in the company, valued at approximately $1,011,340. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $10.00, for a total value of $172,350.00. Following the sale, the director now directly owns 15,000 shares in the company, valued at $150,000. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of brokerages have issued reports on TERN. BMO Capital Markets reiterated an “outperform” rating and set a $19.00 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, August 6th. JMP Securities increased their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Terns Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $14.50.

Terns Pharmaceuticals Stock Performance

The company has a market capitalization of $579.21 million, a P/E ratio of -7.11 and a beta of -0.37. The firm’s fifty day moving average is $8.07 and its 200-day moving average is $6.95.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. As a group, analysts expect that Terns Pharmaceuticals, Inc. will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

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