Terns Pharmaceuticals (NASDAQ:TERN) Hits New 52-Week High – What’s Next?

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price reached a new 52-week high on Saturday . The stock traded as high as $30.25 and last traded at $29.36, with a volume of 6237699 shares trading hands. The stock had previously closed at $27.13.

Analysts Set New Price Targets

TERN has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Terns Pharmaceuticals in a report on Monday, December 1st. William Blair upgraded Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Monday, November 3rd. Citigroup reiterated an “outperform” rating on shares of Terns Pharmaceuticals in a report on Wednesday, November 26th. Truist Financial increased their price target on Terns Pharmaceuticals from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Finally, HC Wainwright upgraded Terns Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Tuesday, November 4th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Terns Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $31.44.

Terns Pharmaceuticals Trading Up 8.2%

The stock has a market capitalization of $2.64 billion, a P/E ratio of -28.50 and a beta of -0.26. The company has a 50-day moving average price of $16.13 and a 200 day moving average price of $9.24.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. As a group, research analysts expect that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Jill M. Quigley sold 24,520 shares of Terns Pharmaceuticals stock in a transaction that occurred 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 filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Terns Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its holdings in Terns Pharmaceuticals by 149.3% in the first quarter. Invesco Ltd. now owns 58,345 shares of the company’s stock worth $161,000 after purchasing an additional 34,945 shares during the last quarter. Nuveen LLC purchased a new position in shares of Terns Pharmaceuticals during the first quarter worth $3,880,000. Wellington Management Group LLP raised its holdings in shares of Terns Pharmaceuticals by 44.3% during the first 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 lifted its position in Terns Pharmaceuticals by 21.4% during the first quarter. EntryPoint Capital LLC now owns 73,293 shares of the company’s stock valued at $202,000 after purchasing an additional 12,905 shares during the period. Finally, Walleye Capital LLC boosted its holdings in Terns Pharmaceuticals by 399.8% in the first quarter. Walleye Capital LLC now owns 594,190 shares of the company’s stock valued at $1,640,000 after purchasing an additional 475,294 shares during the last quarter. 98.26% of the stock is currently owned by institutional investors and hedge funds.

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.