168,564 Shares in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) Acquired by Cinctive Capital Management LP

Cinctive Capital Management LP bought a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 168,564 shares of the company’s stock, valued at approximately $1,406,000. Cinctive Capital Management LP owned about 0.20% of Terns Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TERN. Bellevue Group AG bought a new position in shares of Terns Pharmaceuticals during the third quarter worth about $8,691,000. Point72 Asset Management L.P. increased its position in Terns Pharmaceuticals by 21.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after purchasing an additional 469,176 shares during the period. Salem Investment Counselors Inc. bought a new position in Terns Pharmaceuticals during the 2nd quarter worth approximately $2,531,000. Telemark Asset Management LLC acquired a new position in shares of Terns Pharmaceuticals in the 3rd quarter worth approximately $2,502,000. Finally, Walleye Capital LLC bought a new stake in shares of Terns Pharmaceuticals in the 3rd quarter valued at $1,550,000. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 17,235 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $10.00, for a total transaction of $172,350.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $150,000. This trade represents a 53.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hongbo Lu bought 476,190 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, September 12th. The stock was purchased 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. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TERN shares. BMO Capital Markets restated an “outperform” rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a report on Monday, September 16th. Oppenheimer assumed coverage on Terns Pharmaceuticals in a research note on Thursday, October 31st. They issued an “outperform” rating and a $82.00 price objective on the stock. HC Wainwright raised their target price on Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, JMP Securities boosted their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the company 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 assigned a buy rating to the company. Based on data from MarketBeat, Terns Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Terns Pharmaceuticals Stock Performance

Shares of NASDAQ:TERN opened at $6.36 on Wednesday. Terns Pharmaceuticals, Inc. has a 52-week low of $4.32 and a 52-week high of $11.40. The business’s 50 day simple moving average is $7.10 and its two-hundred day simple moving average is $7.51. The firm has a market cap of $540.22 million, a P/E ratio of -5.39 and a beta of -0.36.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. On average, equities analysts forecast that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current fiscal year.

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.