Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Short Interest Update

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 4,910,000 shares, an increase of 30.6% from the September 15th total of 3,760,000 shares. Approximately 8.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,930,000 shares, the short-interest ratio is presently 2.5 days.

Insider Buying and Selling

In other news, Director Hongbo Lu acquired 476,190 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were bought at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the acquisition, the director now owns 476,190 shares of the company’s stock, valued at approximately $4,999,995. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other Terns Pharmaceuticals news, Director Hongbo Lu acquired 476,190 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the purchase, the director now owns 476,190 shares in the company, valued at approximately $4,999,995. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jill M. Quigley sold 6,143 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $7.68, for a total transaction of $47,178.24. Following the completion of the transaction, the director now directly owns 23,857 shares in the company, valued at $183,221.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,378 shares of company stock worth $329,528. Insiders own 15.10% of the company’s stock.

Institutional Trading of Terns Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased its stake in Terns Pharmaceuticals by 40.6% during the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after purchasing an additional 578,500 shares during the period. Bank of New York Mellon Corp boosted its position in Terns Pharmaceuticals by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock valued at $1,203,000 after buying an additional 64,018 shares during the period. Russell Investments Group Ltd. grew its stake 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 worth $4,152,000 after acquiring an additional 355,224 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Terns Pharmaceuticals by 21.1% during the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after acquiring an additional 469,176 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Terns Pharmaceuticals by 0.5% in the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock valued at $14,425,000 after acquiring an additional 11,535 shares in the last quarter. Institutional investors and hedge funds own 98.26% of the company’s stock.

Analyst Ratings Changes

TERN has been the subject of a number of recent research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $26.00 target price (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. JMP Securities lifted their target price on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.90.

Terns Pharmaceuticals Stock Performance

Shares of NASDAQ TERN traded down $0.02 during mid-day trading on Tuesday, reaching $7.60. 910,186 shares of the company’s stock were exchanged, compared to its average volume of 1,282,820. The company’s 50-day moving average is $8.18 and its 200-day moving average is $7.19. The firm has a market capitalization of $491.55 million, a price-to-earnings ratio of -6.05 and a beta of -0.36. Terns Pharmaceuticals has a 52-week low of $3.26 and a 52-week high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.04. As a group, equities analysts predict that Terns Pharmaceuticals will post -1.31 earnings per share for the current fiscal year.

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.