HC Wainwright Forecasts Strong Price Appreciation for Terns Pharmaceuticals (NASDAQ:TERN) Stock

Terns Pharmaceuticals (NASDAQ:TERN) had its price target raised by analysts at HC Wainwright from $5.50 to $7.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 9.17% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. JMP Securities boosted their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 10th. BMO Capital Markets restated an “outperform” rating and set a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. Finally, Oppenheimer began coverage on shares of Terns Pharmaceuticals in a research note on Thursday, October 31st. They issued an “outperform” rating and a $82.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.25.

Terns Pharmaceuticals Stock Down 4.2 %

Shares of NASDAQ TERN traded down $0.30 during midday trading on Wednesday, hitting $6.87. The company had a trading volume of 1,008,974 shares, compared to its average volume of 1,278,089. The business has a 50-day simple moving average of $8.09 and a two-hundred day simple moving average of $7.47. Terns Pharmaceuticals has a twelve month low of $3.46 and a twelve month high of $11.40. The firm has a market capitalization of $483.24 million, a price-to-earnings ratio of -5.86 and a beta of -0.32.

Insider Transactions at Terns Pharmaceuticals

In other news, CFO Mark J. Vignola sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total value of $110,000.00. Following the completion of the sale, the chief financial officer now directly owns 91,940 shares of the company’s stock, valued at approximately $1,011,340. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Terns Pharmaceuticals news, CFO Mark J. Vignola sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total value of $110,000.00. Following the sale, the chief financial officer now owns 91,940 shares of the company’s stock, valued at $1,011,340. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Hongbo Lu acquired 476,190 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, September 12th. The shares were acquired at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the acquisition, the director now directly owns 476,190 shares in the company, valued at $4,999,995. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Terns Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its position in shares of Terns Pharmaceuticals by 127.9% in the first quarter. Russell Investments Group Ltd. now owns 632,965 shares of the company’s stock valued at $4,152,000 after buying an additional 355,224 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Terns Pharmaceuticals by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after buying an additional 11,535 shares during the period. Affinity Asset Advisors LLC grew its stake in Terns Pharmaceuticals by 581.8% in the 1st quarter. Affinity Asset Advisors LLC now owns 450,000 shares of the company’s stock valued at $2,952,000 after buying an additional 384,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Terns Pharmaceuticals by 12.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock valued at $136,000 after acquiring an additional 2,261 shares during the period. Finally, Kennedy Capital Management LLC bought a new position in Terns Pharmaceuticals in the 1st quarter valued at about $101,000. 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.