Terns Pharmaceuticals (NASDAQ:TERN) Shares Up 9.6% on Analyst Upgrade

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) traded up 9.6% during mid-day 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.

Several other research firms have also recently weighed in on TERN. Citigroup restated an “outperform” rating on shares of Terns Pharmaceuticals in a research note on Thursday, October 23rd. Jefferies Financial Group raised their price objective on shares of Terns Pharmaceuticals from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. William Blair upgraded shares of Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Monday, November 3rd. Oppenheimer reaffirmed an “outperform” rating and issued a $24.00 target price on shares of Terns Pharmaceuticals in a research report on Monday, November 3rd. Finally, Truist Financial reissued a “buy” rating and issued a $28.00 price target (up from $20.00) on shares of Terns Pharmaceuticals in a research report on Tuesday, November 4th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.63.

Insider Activity at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $18.00, for a total value of $441,360.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Nuveen LLC purchased a new stake in shares of Terns Pharmaceuticals in the first quarter valued at about $3,880,000. Adage Capital Partners GP L.L.C. acquired a new position in Terns Pharmaceuticals in the 2nd quarter valued at about $4,774,000. Franklin Resources Inc. purchased a new stake in Terns Pharmaceuticals during the 2nd quarter valued at approximately $4,765,000. Jacobs Levy Equity Management Inc. purchased a new stake in Terns Pharmaceuticals during the 1st quarter valued at approximately $1,366,000. Finally, Walleye Capital LLC lifted its position in Terns Pharmaceuticals by 399.8% during the 1st quarter. Walleye Capital LLC now owns 594,190 shares of the company’s stock worth $1,640,000 after acquiring an additional 475,294 shares during the period. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Terns Pharmaceuticals Trading Up 8.8%

The company has a market capitalization of $2.03 billion, a PE ratio of -21.90 and a beta of -0.02. The firm has a 50 day simple moving average of $10.12 and a two-hundred day simple moving average of $6.61.

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