Quest Partners LLC Takes $872,000 Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Quest Partners LLC purchased a new stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 104,535 shares of the company’s stock, valued at approximately $872,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Janus Henderson Group PLC raised its position in Terns Pharmaceuticals by 40.6% during the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock valued at $13,131,000 after purchasing an additional 578,500 shares in the last quarter. Point72 Asset Management L.P. raised its position in Terns Pharmaceuticals by 21.1% during the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after purchasing an additional 469,176 shares in the last quarter. Affinity Asset Advisors LLC raised its position in Terns Pharmaceuticals by 581.8% during the first quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after purchasing an additional 384,000 shares in the last quarter. Salem Investment Counselors Inc. acquired a new position in Terns Pharmaceuticals during the second quarter valued at approximately $2,531,000. Finally, Russell Investments Group Ltd. raised its position in Terns Pharmaceuticals by 127.9% during the first quarter. Russell Investments Group Ltd. now owns 632,965 shares of the company’s stock valued at $4,152,000 after purchasing an additional 355,224 shares in the last quarter. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Terns Pharmaceuticals Stock Performance

NASDAQ TERN opened at $5.60 on Thursday. Terns Pharmaceuticals, Inc. has a fifty-two week low of $3.59 and a fifty-two week high of $11.40. The stock has a market cap of $475.66 million, a PE ratio of -4.75 and a beta of -0.32. The firm’s fifty day moving average price is $7.75 and its two-hundred day moving average price is $7.49.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.05. As a group, sell-side analysts predict that Terns Pharmaceuticals, Inc. will post -1.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TERN has been the subject of several research analyst reports. Oppenheimer initiated coverage on shares of Terns Pharmaceuticals in a research report on Thursday, October 31st. They set an “outperform” rating and a $82.00 price objective for the company. HC Wainwright boosted their price objective on shares of Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities boosted their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 10th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Terns Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Insider Buying and Selling

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 17,235 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $10.00, for a total transaction of $172,350.00. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,000. This represents a 53.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark J. Vignola sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the sale, the chief financial officer now directly owns 91,940 shares in the company, valued at $1,011,340. This trade represents a 9.81 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by insiders.

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.