Terns Pharmaceuticals (NASDAQ:TERN) Hits New 12-Month High – Here’s Why

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $9.03 and last traded at $8.61, with a volume of 834918 shares traded. The stock had previously closed at $8.50.

Analysts Set New Price Targets

TERN has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Terns Pharmaceuticals in a research report on Wednesday, October 8th. Barclays initiated coverage on shares of Terns Pharmaceuticals in a research note on Wednesday, September 17th. They set an “overweight” rating and a $15.00 price target on the stock. Truist Financial initiated coverage on shares of Terns Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $20.00 price target on the stock. Finally, HC Wainwright initiated coverage on shares of Terns Pharmaceuticals in a research note on Thursday, September 4th. They set a “neutral” rating and a $7.44 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.24.

Terns Pharmaceuticals Stock Down 2.3%

The company has a market cap of $735.96 million, a PE ratio of -8.09 and a beta of -0.03. The stock’s 50 day simple moving average is $7.45 and its two-hundred day simple moving average is $5.06.

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

Hedge Funds Weigh In On Terns Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in shares of Terns Pharmaceuticals by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,262 shares of the company’s stock valued at $102,000 after acquiring an additional 2,097 shares during the period. Velan Capital Investment Management LP raised its stake in shares of Terns Pharmaceuticals by 17.6% in the 2nd quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock valued at $75,000 after acquiring an additional 3,000 shares during the period. Intech Investment Management LLC raised its stake in shares of Terns Pharmaceuticals by 15.5% in the 2nd quarter. Intech Investment Management LLC now owns 46,121 shares of the company’s stock valued at $172,000 after acquiring an additional 6,199 shares during the period. Rhumbline Advisers increased its stake in Terns Pharmaceuticals by 10.1% during the 2nd quarter. Rhumbline Advisers now owns 106,451 shares of the company’s stock worth $397,000 after buying an additional 9,792 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in Terns Pharmaceuticals during the 2nd quarter worth $41,000. Hedge funds and other institutional investors 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.