State Street Corp Cuts Holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

State Street Corp lessened its position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 5.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,116,991 shares of the company’s stock after selling 59,842 shares during the period. State Street Corp’s holdings in Terns Pharmaceuticals were worth $9,316,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in shares of Terns Pharmaceuticals during the 3rd quarter worth about $48,000. Sio Capital Management LLC purchased a new position in Terns Pharmaceuticals in the third quarter valued at approximately $83,000. Entropy Technologies LP purchased a new stake in Terns Pharmaceuticals during the third quarter worth approximately $106,000. Bleakley Financial Group LLC grew its stake in 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 buying an additional 2,751 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Terns Pharmaceuticals by 78.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,535 shares of the company’s stock worth $113,000 after acquiring an additional 5,935 shares in the last quarter. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Terns Pharmaceuticals Price Performance

Shares of Terns Pharmaceuticals stock opened at $5.88 on Friday. Terns Pharmaceuticals, Inc. has a 1-year low of $4.32 and a 1-year high of $11.40. The company has a market capitalization of $499.44 million, a PE ratio of -4.98 and a beta of -0.36. The business has a 50-day moving average of $6.54 and a 200-day moving average of $7.50.

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, beating analysts’ consensus estimates of ($0.33) by $0.05. On average, equities analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TERN shares. JMP Securities restated a “market outperform” rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Oppenheimer upped their target price on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. 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 report on Monday, September 16th. Finally, HC Wainwright restated a “neutral” rating and issued a $7.50 price target on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. One equities 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 an average rating of “Moderate Buy” and a consensus price target of $18.30.

Insider Transactions at Terns Pharmaceuticals

In related news, CEO Amy L. Burroughs bought 15,450 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average price of $7.15 per share, for a total transaction of $110,467.50. Following the purchase, the chief executive officer now owns 19,099 shares in the company, valued at $136,557.85. This trade represents a 423.40 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 15.10% of the company’s stock.

Terns Pharmaceuticals 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.