87,500 Shares in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Bought by Renaissance Technologies LLC

Renaissance Technologies LLC purchased a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) during the 2nd quarter, HoldingsChannel reports. The firm purchased 87,500 shares of the company’s stock, valued at approximately $596,000.

A number of other hedge funds also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Terns Pharmaceuticals by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock worth $136,000 after buying an additional 2,261 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in Terns Pharmaceuticals by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock worth $78,000 after acquiring an additional 4,742 shares in the last quarter. American Century Companies Inc. increased its position in shares of Terns Pharmaceuticals by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock valued at $437,000 after purchasing an additional 9,635 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Terns Pharmaceuticals in the 2nd quarter valued at $72,000. Finally, Vanguard Group Inc. lifted its position in shares of Terns Pharmaceuticals by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after purchasing an additional 11,535 shares during the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TERN. BMO Capital Markets restated an “outperform” rating and issued a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. JMP Securities raised 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Terns Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.90.

Terns Pharmaceuticals Price Performance

NASDAQ TERN opened at $7.88 on Thursday. The company has a fifty day moving average of $8.18 and a two-hundred day moving average of $7.16. The company has a market capitalization of $554.28 million, a PE ratio of -6.25 and a beta of -0.36. Terns Pharmaceuticals, Inc. has a 1 year low of $3.26 and a 1 year high of $11.40.

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

Insider Activity

In other Terns Pharmaceuticals news, Director Hongbo Lu purchased 476,190 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now directly owns 476,190 shares in the company, valued at $4,999,995. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Hongbo Lu purchased 476,190 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now directly owns 476,190 shares of the company’s stock, valued at approximately $4,999,995. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jill M. Quigley sold 6,143 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total value of $47,178.24. Following the sale, the director now directly owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,354 shares of company stock valued at $839,288. 15.10% of the stock is currently owned by company insiders.

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.