Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Down 8.7% – Here’s Why

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) dropped 8.7% on Friday . The company traded as low as $5.97 and last traded at $5.98. Approximately 832,978 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 1,277,882 shares. The stock had previously closed at $6.55.

Wall Street Analysts Forecast Growth

TERN has been the subject of a number of recent analyst reports. Oppenheimer assumed coverage on Terns Pharmaceuticals in a report on Thursday, October 31st. They set an “outperform” rating and a $82.00 target price for the company. HC Wainwright increased their price objective on Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Wednesday. JMP Securities boosted their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

Terns Pharmaceuticals Stock Performance

The company’s 50-day moving average is $8.03 and its 200 day moving average is $7.48.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.05. As a group, equities analysts predict that Terns Pharmaceuticals, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Activity at Terns Pharmaceuticals

In other news, Director Jill M. Quigley sold 17,235 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $10.00, for a total value of $172,350.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at $150,000. This trade represents a 53.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Hongbo Lu acquired 476,190 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the acquisition, the director now directly owns 476,190 shares of the company’s stock, valued at $4,999,995. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. increased its position in shares of Terns Pharmaceuticals by 0.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,707,515 shares of the company’s stock valued at $22,581,000 after purchasing an additional 17,139 shares during the last quarter. Vanguard Group Inc. grew its position in Terns Pharmaceuticals by 0.5% during the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock valued at $14,425,000 after buying an additional 11,535 shares during the period. Janus Henderson Group PLC increased its holdings in Terns Pharmaceuticals by 40.6% during the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock valued at $13,131,000 after buying an additional 578,500 shares during the last quarter. Geode Capital Management LLC raised its position in Terns Pharmaceuticals by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,207,479 shares of the company’s stock worth $10,072,000 after acquiring an additional 85,617 shares during the period. Finally, Bellevue Group AG purchased a new position in shares of Terns Pharmaceuticals during the 3rd quarter worth $8,691,000. 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.