Terns Pharmaceuticals (NASDAQ:TERN) Shares Gap Up on Analyst Upgrade

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares gapped up before the market opened on Tuesday after HC Wainwright upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $14.03, but opened at $15.50. HC Wainwright now has a $20.00 price target on the stock. Terns Pharmaceuticals shares last traded at $18.1150, with a volume of 5,783,240 shares changing hands.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Terns Pharmaceuticals in a report on Wednesday, October 8th. Jefferies Financial Group set a $35.00 price objective on shares of Terns Pharmaceuticals and gave the company a “buy” rating in a report on Monday. Wall Street Zen raised shares of Terns Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. JMP Securities dropped their price objective on shares of Terns Pharmaceuticals from $20.00 to $15.00 and set a “market outperform” rating for the company in a report on Thursday, October 23rd. Finally, Barclays increased their price objective on shares of Terns Pharmaceuticals from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday. Nine investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings 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 last quarter. Velan Capital Investment Management LP lifted its stake in Terns Pharmaceuticals by 17.6% in the second quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock worth $75,000 after purchasing an additional 3,000 shares during the last quarter. Intech Investment Management LLC lifted its stake in Terns Pharmaceuticals by 15.5% in the second quarter. Intech Investment Management LLC now owns 46,121 shares of the company’s stock worth $172,000 after purchasing an additional 6,199 shares during the last quarter. Rhumbline Advisers lifted its stake in Terns Pharmaceuticals by 10.1% in 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 last quarter. Finally, Engineers Gate Manager LP bought a new stake in Terns Pharmaceuticals in the second quarter worth about $41,000. Institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Up 24.2%

The firm has a market cap of $1.53 billion, a P/E ratio of -16.76 and a beta of -0.02. The company’s 50 day simple moving average is $8.10 and its 200-day simple moving average is $5.71.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.02. Equities research analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

About Terns Pharmaceuticals

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.