Terns Pharmaceuticals (NASDAQ:TERN) Price Target Raised to $20.00 at Oppenheimer

Terns Pharmaceuticals (NASDAQ:TERN) had its target price increased by analysts at Oppenheimer from $17.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective indicates a potential upside of 210.56% from the company’s previous close.

TERN has been the subject of several other research reports. HC Wainwright reaffirmed a “neutral” rating and set a $7.50 price target on shares of Terns Pharmaceuticals in a research note on Wednesday. JMP Securities boosted their target price on Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 10th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Terns Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $18.30.

Terns Pharmaceuticals Trading Down 9.0 %

TERN stock opened at $6.44 on Wednesday. The company’s 50 day moving average is $7.06 and its 200 day moving average is $7.51. The stock has a market cap of $547.01 million, a price-to-earnings ratio of -5.46 and a beta of -0.36. Terns Pharmaceuticals has a 1-year low of $4.32 and a 1-year high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. As a group, sell-side analysts forecast that Terns Pharmaceuticals will post -1.22 EPS for the current fiscal year.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Hongbo Lu acquired 476,190 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 476,190 shares of the company’s stock, valued at $4,999,995. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction dated 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 owns 91,940 shares of the company’s stock, valued at approximately $1,011,340. This represents a 9.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in Terns Pharmaceuticals by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock valued at $1,203,000 after acquiring an additional 64,018 shares in the last quarter. Telemark Asset Management LLC bought a new position in shares of Terns Pharmaceuticals during the third quarter valued at $2,502,000. Point72 Asset Management L.P. boosted its position in shares of 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 buying an additional 469,176 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Terns Pharmaceuticals during the third quarter valued at $872,000. Finally, Vanguard Group Inc. increased its holdings in Terns Pharmaceuticals by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after buying an additional 11,535 shares in the last quarter. Institutional investors own 98.26% of the company’s stock.

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.