Terns Pharmaceuticals (NASDAQ:TERN) Receives Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Terns Pharmaceuticals (NASDAQ:TERN) in a research note released on Wednesday morning,Benzinga reports. JMP Securities currently has a $20.00 price objective on the stock.

Several other research firms have also commented on TERN. BMO Capital Markets reissued an “outperform” rating and issued a $26.00 price objective (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright reissued a “neutral” rating and issued a $7.50 price objective on shares of Terns Pharmaceuticals in a research note on Wednesday. Finally, Oppenheimer raised their price objective on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Terns Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $18.30.

Terns Pharmaceuticals Price Performance

Shares of TERN opened at $7.08 on Wednesday. The firm has a 50-day simple moving average of $7.06 and a two-hundred day simple moving average of $7.51. Terns Pharmaceuticals has a 1-year low of $4.32 and a 1-year high of $11.40. The stock has a market cap of $601.38 million, a PE ratio of -6.00 and a beta of -0.36.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.05. As a group, sell-side analysts expect that Terns Pharmaceuticals will post -1.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Hongbo Lu purchased 476,190 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the completion of the purchase, the director now directly owns 476,190 shares of the company’s stock, valued at $4,999,995. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jill M. Quigley sold 17,235 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $10.00, for a total transaction of $172,350.00. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $150,000. The trade was a 53.47 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is owned by insiders.

Institutional Trading of Terns Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TERN. Vanguard Group Inc. raised its holdings in Terns Pharmaceuticals by 0.5% during the first 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 in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 purchasing an additional 2,261 shares in the last quarter. Walleye Trading LLC acquired a new stake in Terns Pharmaceuticals during the first quarter worth approximately $98,000. Simplicity Wealth LLC acquired a new stake in Terns Pharmaceuticals during the second quarter worth approximately $72,000. Finally, Salem Investment Counselors Inc. acquired a new stake in Terns Pharmaceuticals during the second quarter worth approximately $2,531,000. Institutional investors and hedge funds own 98.26% of the company’s stock.

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.