Terns Pharmaceuticals (NASDAQ:TERN) Sets New 1-Year High After Analyst Upgrade

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares reached a new 52-week high during mid-day trading on Monday after William Blair upgraded the stock from a market perform rating to an outperform rating. The company traded as high as $10.76 and last traded at $14.8940, with a volume of 252277 shares. The stock had previously closed at $8.26.

TERN has been the subject of a number of other reports. Mizuho set a $9.00 price objective on Terns Pharmaceuticals in a research note on Wednesday, October 22nd. Barclays reduced their target price on Terns Pharmaceuticals from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. HC Wainwright initiated coverage on Terns Pharmaceuticals in a research report on Thursday, September 4th. They set a “neutral” rating and a $7.44 target price on the stock. Oppenheimer set a $17.00 target price on Terns Pharmaceuticals in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Terns Pharmaceuticals in a research report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.92.

Institutional Trading of Terns Pharmaceuticals

A number of hedge funds have recently modified their holdings of TERN. The Manufacturers Life Insurance Company boosted its position in Terns Pharmaceuticals by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 27,262 shares of the company’s stock worth $102,000 after purchasing an additional 2,097 shares in the last quarter. Velan Capital Investment Management LP grew its holdings in Terns Pharmaceuticals by 17.6% in the second quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock valued at $75,000 after purchasing an additional 3,000 shares during the period. Intech Investment Management LLC grew its holdings in Terns Pharmaceuticals by 15.5% in the second quarter. Intech Investment Management LLC now owns 46,121 shares of the company’s stock valued at $172,000 after purchasing an additional 6,199 shares during the period. Rhumbline Advisers grew its holdings in Terns Pharmaceuticals by 10.1% in the second quarter. Rhumbline Advisers now owns 106,451 shares of the company’s stock valued at $397,000 after purchasing an additional 9,792 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in Terns Pharmaceuticals in the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Price Performance

The firm has a fifty day simple moving average of $7.75 and a 200 day simple moving average of $5.52. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -15.01 and a beta of -0.02.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.02. Research analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

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.