Terns Pharmaceuticals (NASDAQ:TERN) Announces Earnings Results, Beats Expectations By $0.05 EPS

Terns Pharmaceuticals (NASDAQ:TERN) issued its earnings results on Monday. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.05, Zacks reports.

Terns Pharmaceuticals Price Performance

Shares of TERN stock traded up $0.65 during trading hours on Monday, reaching $19.12. 3,375,495 shares of the company were exchanged, compared to its average volume of 1,465,281. Terns Pharmaceuticals has a fifty-two week low of $1.87 and a fifty-two week high of $19.98. The stock’s fifty day moving average is $8.78 and its two-hundred day moving average is $6.04. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -18.38 and a beta of -0.02.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Terns Pharmaceuticals from $15.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Terns Pharmaceuticals in a research report on Wednesday, October 8th. Mizuho upped their price target on shares of Terns Pharmaceuticals from $9.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. Barclays lifted their price objective on Terns Pharmaceuticals from $14.00 to $27.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Finally, Jefferies Financial Group boosted their price objective on Terns Pharmaceuticals from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Ten investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Terns Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $25.38.

Insider Activity at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of Terns Pharmaceuticals stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $18.00, for a total value of $441,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Terns Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Acuta Capital Partners LLC raised its stake in Terns Pharmaceuticals by 42.5% in the second quarter. Acuta Capital Partners LLC now owns 463,864 shares of the company’s stock valued at $1,730,000 after buying an additional 138,314 shares during the period. JPMorgan Chase & Co. raised its stake in Terns Pharmaceuticals by 21.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 358,206 shares of the company’s stock valued at $1,336,000 after acquiring an additional 64,011 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Terns Pharmaceuticals by 21.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 415,021 shares of the company’s stock valued at $1,145,000 after purchasing an additional 71,971 shares during the last quarter. American Century Companies Inc. boosted its position in Terns Pharmaceuticals by 14.0% during the second quarter. American Century Companies Inc. now owns 129,668 shares of the company’s stock worth $484,000 after purchasing an additional 15,911 shares during the period. Finally, Rhumbline Advisers boosted its position in Terns Pharmaceuticals by 10.1% during the second quarter. Rhumbline Advisers now owns 106,451 shares of the company’s stock worth $397,000 after purchasing an additional 9,792 shares during the period. 98.26% of the stock is owned by institutional investors.

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.