Terns Pharmaceuticals (NASDAQ:TERN) Stock Price Up 5.5% – Still a Buy?

Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s share price traded up 5.5% during trading on Friday . The stock traded as high as $28.61 and last traded at $28.6250. 709,158 shares traded hands during trading, a decline of 56% from the average session volume of 1,609,039 shares. The stock had previously closed at $27.13.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TERN. Mizuho set a $33.00 price target on Terns Pharmaceuticals in a report on Friday, November 28th. HC Wainwright upgraded shares of Terns Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Tuesday, November 4th. William Blair upgraded shares of Terns Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Monday, November 3rd. Jefferies Financial Group increased their price target on shares of Terns Pharmaceuticals from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Oppenheimer restated an “outperform” rating and set a $24.00 price objective on shares of Terns Pharmaceuticals in a research report on Monday, November 3rd. Eleven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.44.

Terns Pharmaceuticals Stock Up 8.7%

The company has a fifty day moving average price of $15.69 and a 200 day moving average price of $8.97. The stock has a market cap of $2.66 billion, a PE ratio of -28.40 and a beta of -0.24.

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. As a group, research analysts predict that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Insider Buying and Selling

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 24,520 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $18.00, for a total transaction of $441,360.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Polymer Capital Management US LLC purchased a new position in Terns Pharmaceuticals in the third quarter worth about $76,000. Engineers Gate Manager LP bought a new stake in shares of Terns Pharmaceuticals during the second quarter valued at approximately $41,000. Fox Run Management L.L.C. bought a new stake in shares of Terns Pharmaceuticals during the third quarter valued at approximately $87,000. Canada Pension Plan Investment Board bought a new stake in shares of Terns Pharmaceuticals during the second quarter valued at approximately $46,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Terns Pharmaceuticals in the 3rd quarter worth approximately $94,000. 98.26% of the stock is owned by 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.