Millennium Management LLC Has $8.92 Million Stock Holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Millennium Management LLC reduced its position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,610,215 shares of the company’s stock after selling 18,319 shares during the period. Millennium Management LLC owned approximately 1.90% of Terns Pharmaceuticals worth $8,921,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TERN. Invesco Ltd. boosted its stake in shares of Terns Pharmaceuticals by 13.3% in the 4th quarter. Invesco Ltd. now owns 23,400 shares of the company’s stock valued at $130,000 after purchasing an additional 2,753 shares in the last quarter. Corebridge Financial Inc. lifted its stake in Terns Pharmaceuticals by 13.5% in the 4th quarter. Corebridge Financial Inc. now owns 34,951 shares of the company’s stock valued at $194,000 after purchasing an additional 4,169 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Terns Pharmaceuticals by 33.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 18,010 shares of the company’s stock valued at $100,000 after buying an additional 4,475 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Terns Pharmaceuticals by 26.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,784 shares of the company’s stock valued at $220,000 after buying an additional 8,261 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Terns Pharmaceuticals by 27.7% during the fourth quarter. MetLife Investment Management LLC now owns 43,760 shares of the company’s stock worth $242,000 after buying an additional 9,500 shares during the last quarter. 98.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TERN has been the topic of a number of recent research reports. BMO Capital Markets cut their price target on Terns Pharmaceuticals from $26.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. JMP Securities reiterated a “market outperform” rating and set a $20.00 target price on shares of Terns Pharmaceuticals in a research report on Monday, April 21st. Finally, William Blair reissued a “market perform” rating on shares of Terns Pharmaceuticals in a report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.63.

Terns Pharmaceuticals Trading Up 2.7%

NASDAQ TERN opened at $3.02 on Monday. The business has a fifty day simple moving average of $2.81 and a 200 day simple moving average of $4.30. Terns Pharmaceuticals, Inc. has a 12 month low of $1.87 and a 12 month high of $11.40. The firm has a market capitalization of $263.76 million, a P/E ratio of -2.56 and a beta of -0.16.

Terns Pharmaceuticals (NASDAQ:TERN) last released its earnings results on Thursday, May 8th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.03. As a group, sell-side analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal 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.