Terns Pharmaceuticals (NASDAQ:TERN) Reaches New 52-Week High – Here’s Why

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price reached a new 52-week high on Monday . The stock traded as high as $23.31 and last traded at $22.7040, with a volume of 23534 shares changing hands. The stock had previously closed at $22.56.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TERN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Terns Pharmaceuticals in a report on Wednesday, October 8th. Oppenheimer restated an “outperform” rating and set a $24.00 price target on shares of Terns Pharmaceuticals in a research report on Monday, November 3rd. William Blair upgraded Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Monday, November 3rd. Wall Street Zen upgraded Terns Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, 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 report on Monday, November 3rd. Ten equities 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 an average rating of “Moderate Buy” and a consensus target price of $26.63.

Terns Pharmaceuticals Stock Performance

The stock has a market capitalization of $2.48 billion, a P/E ratio of -26.76 and a beta of -0.02. The business has a 50-day moving average price of $10.88 and a 200 day moving average price of $6.98.

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

Insider Transactions at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of the company’s stock in a transaction dated 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 available at this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Engineers Gate Manager LP bought a new stake in shares of Terns Pharmaceuticals in the 2nd quarter worth $41,000. Canada Pension Plan Investment Board bought a new position in shares of Terns Pharmaceuticals during the second quarter valued at $46,000. LeConte Wealth Management LLC purchased a new stake in shares of Terns Pharmaceuticals during the second quarter valued at $47,000. Dynamic Technology Lab Private Ltd bought a new stake in Terns Pharmaceuticals in the 1st quarter worth about $51,000. Finally, Velan Capital Investment Management LP increased its holdings in Terns Pharmaceuticals by 17.6% in the 2nd quarter. Velan Capital Investment Management LP now owns 20,000 shares of the company’s stock worth $75,000 after buying an additional 3,000 shares in the last quarter. 98.26% of the stock is owned by hedge funds and other institutional investors.

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.