Terns Pharmaceuticals (NASDAQ:TERN) Hits New 12-Month High at $8.82

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.82 and last traded at $8.68, with a volume of 384835 shares trading hands. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

TERN has been the subject of several recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of Terns Pharmaceuticals in a research report on Tuesday, April 30th. HC Wainwright reiterated a “neutral” rating and issued a $5.50 price target on shares of Terns Pharmaceuticals in a research report on Tuesday, May 14th. UBS Group reduced their price target on Terns Pharmaceuticals from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, March 27th. Finally, BMO Capital Markets lifted their price target on Terns Pharmaceuticals from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Terns Pharmaceuticals Stock Up 17.0 %

The company has a 50-day moving average of $6.63 and a 200 day moving average of $6.36. The firm has a market capitalization of $552.37 million, a PE ratio of -6.89 and a beta of -0.37.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its earnings results on Monday, May 13th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.06. As a group, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Terns Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TERN. Graham Capital Management L.P. grew its holdings in shares of Terns Pharmaceuticals by 186.3% during the 3rd quarter. Graham Capital Management L.P. now owns 82,978 shares of the company’s stock worth $417,000 after acquiring an additional 53,998 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Terns Pharmaceuticals by 358.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,147 shares of the company’s stock worth $46,000 after acquiring an additional 5,587 shares during the period. Bleakley Financial Group LLC purchased a new position in shares of Terns Pharmaceuticals during the 4th quarter worth approximately $68,000. Simplicity Solutions LLC purchased a new position in shares of Terns Pharmaceuticals during the 4th quarter worth approximately $68,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Terns Pharmaceuticals during the 4th quarter worth approximately $1,803,000. 98.26% of the stock is currently owned by hedge funds and other institutional investors.

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.