Telemark Asset Management LLC Buys Shares of 300,000 Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Telemark Asset Management LLC purchased a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) in the third quarter, Holdings Channel.com reports. The fund purchased 300,000 shares of the company’s stock, valued at approximately $2,502,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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 acquiring an additional 578,500 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Terns Pharmaceuticals by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock worth $1,203,000 after purchasing an additional 64,018 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Terns Pharmaceuticals by 21.1% in 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 buying an additional 469,176 shares during the period. Vanguard Group Inc. lifted its position in 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 buying an additional 11,535 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Terns Pharmaceuticals during the first quarter worth about $291,000. Institutional investors and hedge funds own 98.26% of the company’s stock.

Insiders Place Their Bets

In other Terns Pharmaceuticals news, Director Hongbo Lu acquired 476,190 shares of the stock in a transaction dated Thursday, September 12th. The stock was acquired at an average cost of $10.50 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 476,190 shares in the company, valued at $4,999,995. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $10.00, for a total value of $172,350.00. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at approximately $150,000. The trade was a 53.47 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by company insiders.

Terns Pharmaceuticals Trading Up 2.0 %

Terns Pharmaceuticals stock opened at $5.71 on Friday. The firm has a market capitalization of $485.01 million, a P/E ratio of -4.84 and a beta of -0.32. The stock’s fifty day simple moving average is $7.68 and its 200-day simple moving average is $7.48. Terns Pharmaceuticals, Inc. has a twelve month low of $3.59 and a twelve month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.05. Sell-side analysts predict that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TERN shares. BMO Capital Markets reissued an “outperform” rating and issued a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. JMP Securities upped their price target on Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 10th. HC Wainwright lifted their price objective on Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Oppenheimer initiated coverage on Terns Pharmaceuticals in a research note on Thursday, October 31st. They set an “outperform” rating and a $82.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Terns Pharmaceuticals 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.