Terns Pharmaceuticals (NASDAQ:TERN) Price Target Raised to $30.00 at BMO Capital Markets

Terns Pharmaceuticals (NASDAQ:TERN) had its price objective increased by BMO Capital Markets from $22.00 to $30.00 in a research note released on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Barclays raised their target price on shares of Terns Pharmaceuticals from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. HC Wainwright upgraded shares of Terns Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, November 4th. Citigroup reissued an “outperform” rating on shares of Terns Pharmaceuticals in a research note on Thursday, October 23rd. William Blair upgraded Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Monday, November 3rd. Finally, Truist Financial restated a “buy” rating and set a $28.00 price objective (up from $20.00) on shares of Terns Pharmaceuticals in a research report on Tuesday, November 4th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.63.

Terns Pharmaceuticals Price Performance

Shares of NASDAQ:TERN opened at $27.56 on Tuesday. The business’s 50 day simple moving average is $10.88 and its 200 day simple moving average is $6.98. Terns Pharmaceuticals has a 1 year low of $1.87 and a 1 year high of $27.58. The company has a market capitalization of $2.48 billion, a P/E ratio of -26.76 and a beta of -0.02.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.03. On average, sell-side analysts anticipate that Terns Pharmaceuticals will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently made changes to their positions in TERN. Invesco Ltd. raised its position in shares of Terns Pharmaceuticals by 149.3% during the first quarter. Invesco Ltd. now owns 58,345 shares of the company’s stock worth $161,000 after acquiring an additional 34,945 shares during the last quarter. Nuveen LLC acquired a new stake in Terns Pharmaceuticals during the 1st quarter valued at approximately $3,880,000. Wellington Management Group LLP raised its holdings in Terns Pharmaceuticals by 44.3% during the 1st quarter. Wellington Management Group LLP now owns 321,163 shares of the company’s stock worth $886,000 after purchasing an additional 98,649 shares during the last quarter. EntryPoint Capital LLC raised its holdings in Terns Pharmaceuticals by 21.4% during the 1st quarter. EntryPoint Capital LLC now owns 73,293 shares of the company’s stock worth $202,000 after purchasing an additional 12,905 shares during the last quarter. Finally, Walleye Capital LLC lifted its position in shares of Terns Pharmaceuticals by 399.8% in the 1st quarter. Walleye Capital LLC now owns 594,190 shares of the company’s stock worth $1,640,000 after purchasing an additional 475,294 shares during the period. Institutional investors own 98.26% of the company’s stock.

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.