Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Short Interest Up 47.8% in August

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 2,660,000 shares, an increase of 47.8% from the August 15th total of 1,800,000 shares. Approximately 5.6% of the company’s shares are sold short. Based on an average daily trading volume, of 1,780,000 shares, the short-interest ratio is currently 1.5 days.

Terns Pharmaceuticals Stock Down 5.8 %

TERN traded down $0.55 during trading on Friday, hitting $8.96. The company’s stock had a trading volume of 4,498,740 shares, compared to its average volume of 1,247,728. Terns Pharmaceuticals has a one year low of $3.26 and a one year high of $11.40. The firm has a market cap of $579.21 million, a PE ratio of -7.11 and a beta of -0.37. The business’s 50 day simple moving average is $8.07 and its 200-day simple moving average is $6.95.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.04. Equities research analysts expect that Terns Pharmaceuticals will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Terns Pharmaceuticals news, CFO Mark J. Vignola sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the completion of the transaction, the chief financial officer now owns 91,940 shares of the company’s stock, valued at $1,011,340. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mark J. Vignola sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total transaction of $110,000.00. Following the sale, the chief financial officer now owns 91,940 shares in the company, valued at $1,011,340. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $10.00, for a total transaction of $172,350.00. Following the sale, the director now owns 15,000 shares in the company, valued at approximately $150,000. The disclosure for this sale can be found here. Insiders sold a total of 84,354 shares of company stock valued at $839,288 over the last three months. Corporate insiders own 15.10% of the company’s stock.

Institutional Trading of Terns Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of TERN. Dynamic Technology Lab Private Ltd bought a new stake in shares of Terns Pharmaceuticals during the 4th quarter valued at $106,000. Franklin Resources Inc. raised its position in shares of Terns Pharmaceuticals by 7.4% during the 4th quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock valued at $14,978,000 after purchasing an additional 159,013 shares during the period. Decheng Capital LLC bought a new stake in shares of Terns Pharmaceuticals during the 4th quarter valued at $4,636,000. Pale Fire Capital SE increased its holdings in Terns Pharmaceuticals by 222.4% in the 4th quarter. Pale Fire Capital SE now owns 49,014 shares of the company’s stock valued at $318,000 after acquiring an additional 33,812 shares during the last quarter. Finally, Great Point Partners LLC increased its holdings in Terns Pharmaceuticals by 102.8% in the 4th quarter. Great Point Partners LLC now owns 1,309,975 shares of the company’s stock valued at $8,502,000 after acquiring an additional 664,076 shares during the last quarter. 98.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TERN has been the topic of several research reports. JMP Securities raised their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a report on Tuesday. BMO Capital Markets restated an “outperform” rating and issued a $19.00 target price on shares of Terns Pharmaceuticals in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.50.

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.