Terns Pharmaceuticals (NASDAQ:TERN) Trading 9.6% Higher on Analyst Upgrade

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares traded up 9.6% during trading on Friday after Mizuho raised their price target on the stock from $32.00 to $33.00. Mizuho currently has an outperform rating on the stock. Terns Pharmaceuticals traded as high as $22.81 and last traded at $22.71. 981,061 shares were traded during trading, a decline of 34% from the average session volume of 1,479,248 shares. The stock had previously closed at $20.73.

Other research analysts also recently issued reports about the stock. William Blair raised shares of Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Monday, November 3rd. Truist Financial reissued a “buy” rating and issued a $28.00 target price (up previously from $20.00) on shares of Terns Pharmaceuticals in a research note on Tuesday, November 4th. JMP Securities cut their price target on shares of Terns Pharmaceuticals from $20.00 to $15.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 23rd. Citigroup reaffirmed an “outperform” rating on shares of Terns Pharmaceuticals in a research note on Thursday, October 23rd. Finally, Wall Street Zen raised shares of Terns Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.63.

Insider Activity at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $18.00, for a total transaction of $441,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Integral Health Asset Management LLC boosted its holdings in shares of Terns Pharmaceuticals by 35.7% in the 3rd quarter. Integral Health Asset Management LLC now owns 950,000 shares of the company’s stock valued at $7,134,000 after buying an additional 250,000 shares during the last quarter. Platinum Investment Management Ltd. acquired a new stake in Terns Pharmaceuticals in the third quarter valued at $940,000. Invesco Ltd. lifted its stake in Terns Pharmaceuticals by 405.3% in the third quarter. Invesco Ltd. now owns 477,674 shares of the company’s stock valued at $3,587,000 after acquiring an additional 383,140 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Terns Pharmaceuticals during the 3rd quarter worth about $493,000. Finally, Russell Investments Group Ltd. lifted its stake in Terns Pharmaceuticals by 29.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 32,172 shares of the company’s stock valued at $242,000 after purchasing an additional 7,352 shares during the last quarter. Institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Up 10.3%

The business has a fifty day moving average of $9.81 and a 200 day moving average of $6.47. The firm has a market cap of $2.06 billion, a P/E ratio of -22.15 and a beta of -0.02.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its earnings results on Monday, November 10th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. Research analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

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.