Terns Pharmaceuticals (NASDAQ:TERN) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Terns Pharmaceuticals (NASDAQ:TERN) issued its quarterly earnings results on Monday. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.05, Zacks reports.

Terns Pharmaceuticals Stock Performance

Shares of Terns Pharmaceuticals stock traded up $0.65 during trading hours on Monday, reaching $19.12. The company’s stock had a trading volume of 3,375,495 shares, compared to its average volume of 1,465,281. The stock’s fifty day simple moving average is $8.78 and its two-hundred day simple moving average is $6.04. The company has a market capitalization of $1.67 billion, a P/E ratio of -18.38 and a beta of -0.02. Terns Pharmaceuticals has a one year low of $1.87 and a one year high of $19.98.

Insider Activity at Terns Pharmaceuticals

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Terns Pharmaceuticals by 5.9% during the third quarter. Vanguard Group Inc. now owns 4,559,917 shares of the company’s stock valued at $34,245,000 after buying an additional 253,751 shares during the period. Geode Capital Management LLC boosted its stake in Terns Pharmaceuticals by 3.8% in the second quarter. Geode Capital Management LLC now owns 1,633,349 shares of the company’s stock valued at $6,094,000 after acquiring an additional 59,145 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Terns Pharmaceuticals during the 2nd quarter valued at approximately $4,774,000. JPMorgan Chase & Co. grew its position in shares of Terns Pharmaceuticals by 90.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 682,708 shares of the company’s stock valued at $5,127,000 after acquiring an additional 324,502 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Terns Pharmaceuticals by 11.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 506,777 shares of the company’s stock worth $1,890,000 after purchasing an additional 52,796 shares during the last quarter. Institutional investors own 98.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TERN shares. Wall Street Zen upgraded Terns Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Jefferies Financial Group raised their price objective on Terns Pharmaceuticals from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Truist Financial reissued a “buy” rating and set a $28.00 target price (up previously from $20.00) on shares of Terns Pharmaceuticals in a research note on Tuesday, November 4th. HC Wainwright raised shares of Terns Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a report on Tuesday, November 4th. Finally, Barclays lifted their price target on shares of Terns Pharmaceuticals from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Ten 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.38.

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.