Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Sees Large Decline in Short Interest

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) was the recipient of a significant decline in short interest during the month of July. As of July 15th, there was short interest totalling 1,990,000 shares, a decline of 26.0% from the June 30th total of 2,690,000 shares. Based on an average trading volume of 1,150,000 shares, the short-interest ratio is currently 1.7 days. Currently, 4.6% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several brokerages recently commented on TERN. HC Wainwright reissued a “neutral” rating and issued a $5.50 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, May 14th. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price target on shares of Terns Pharmaceuticals in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.50.

Terns Pharmaceuticals Price Performance

TERN opened at $9.01 on Friday. Terns Pharmaceuticals has a fifty-two week low of $3.26 and a fifty-two week high of $10.03. The company’s 50 day moving average price is $7.40 and its two-hundred day moving average price is $6.56. The firm has a market capitalization of $582.77 million, a price-to-earnings ratio of -7.15 and a beta of -0.37.

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

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Carl L. Gordon sold 50,976 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the completion of the transaction, the director now owns 756,258 shares of the company’s stock, valued at $7,562,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Terns Pharmaceuticals

A number of institutional investors have recently made changes to their positions in TERN. China Universal Asset Management Co. Ltd. raised its position in shares of Terns Pharmaceuticals by 358.1% during the fourth 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 last quarter. AJOVista LLC bought a new position in Terns Pharmaceuticals during the 4th quarter worth approximately $58,000. Simplicity Solutions LLC bought a new position in Terns Pharmaceuticals during the 4th quarter worth approximately $68,000. Bleakley Financial Group LLC acquired a new position in shares of Terns Pharmaceuticals in the 4th quarter worth approximately $68,000. Finally, Simplicity Wealth LLC bought a new stake in shares of Terns Pharmaceuticals in the 2nd quarter valued at $72,000. Institutional investors own 98.26% of the company’s stock.

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.