Cinctive Capital Management LP Buys Shares of 168,564 Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Cinctive Capital Management LP bought a new position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) during the third quarter, according to the company in its most recent 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. nVerses Capital LLC purchased a new stake in shares of Terns Pharmaceuticals during the third quarter worth $48,000. Sio Capital Management LLC bought a new stake in Terns Pharmaceuticals during the third quarter worth about $83,000. Simplicity Wealth LLC purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter valued at about $72,000. Entropy Technologies LP purchased a new stake in Terns Pharmaceuticals in the third quarter worth approximately $106,000. Finally, Bleakley Financial Group LLC raised its stake in shares of Terns Pharmaceuticals by 26.0% during the third quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company's stock worth $111,000 after acquiring an additional 2,751 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on TERN shares. BMO Capital Markets restated an "outperform" rating and set a $26.00 price target (up from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. JMP Securities restated a "market outperform" rating and issued a $20.00 price objective on shares of Terns Pharmaceuticals in a research report on Wednesday. HC Wainwright restated a "neutral" rating and set a $7.50 price target on shares of Terns Pharmaceuticals in a report on Wednesday. Finally, Oppenheimer lifted their price target on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Terns Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $18.30.

Insider Buying and Selling at Terns Pharmaceuticals

In related news, CFO Mark J. Vignola sold 10,000 shares of the firm's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $11.00, for a total value of $110,000.00. Following the transaction, the chief financial officer now owns 91,940 shares of the company's stock, valued at $1,011,340. This trade represents a 9.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jill M. Quigley sold 17,235 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $10.00, for a total transaction of $172,350.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $150,000. This represents a 53.47 % decrease in their position. The disclosure for this sale can be found here. 15.10% of the stock is owned by corporate insiders.

Terns Pharmaceuticals Price Performance

NASDAQ:TERN traded up $0.72 during mid-day trading on Wednesday, hitting $7.08. 4,719,527 shares of the company's stock were exchanged, compared to its average volume of 1,314,913. Terns Pharmaceuticals, Inc. has a one year low of $4.32 and a one year high of $11.40. The business has a fifty day moving average price of $7.06 and a 200 day moving average price of $7.51. The company has a market cap of $601.38 million, a PE ratio of -6.00 and a beta of -0.36.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.05. On average, equities analysts forecast that Terns Pharmaceuticals, Inc. will post -1.22 EPS for the current fiscal year.

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.