Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Up 6.1% Following Insider Buying Activity

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares shot up 6.1% during trading on Tuesday following insider buying activity. The company traded as high as $10.04 and last traded at $9.98. 295,773 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,247,554 shares. The stock had previously closed at $9.41.

Specifically, Director Hongbo Lu bought 476,190 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, September 12th. The stock was bought at an average cost of $10.50 per share, for a total transaction of $4,999,995.00. Following the purchase, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TERN. JMP Securities increased 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. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 target price (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Terns Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $15.90.

Terns Pharmaceuticals Stock Performance

The company has a 50-day moving average of $8.21 and a 200-day moving average of $6.99.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.04. Research analysts predict that Terns Pharmaceuticals, Inc. will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in TERN. Simplicity Wealth LLC acquired a new stake in shares of Terns Pharmaceuticals during the 2nd quarter valued at approximately $72,000. China Universal Asset Management Co. Ltd. increased its position in Terns Pharmaceuticals by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock worth $78,000 after buying an additional 4,742 shares during the period. Walleye Trading LLC acquired a new stake in Terns Pharmaceuticals in the first quarter worth $98,000. Kennedy Capital Management LLC acquired a new stake in Terns Pharmaceuticals in the first quarter worth $101,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Terns Pharmaceuticals in the fourth quarter worth $106,000. 98.26% of the stock is 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.