Acuta Capital Partners LLC Boosts Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Acuta Capital Partners LLC raised its holdings in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 31.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 487,000 shares of the company's stock after purchasing an additional 117,720 shares during the quarter. Terns Pharmaceuticals accounts for approximately 3.3% of Acuta Capital Partners LLC's portfolio, making the stock its 11th largest position. Acuta Capital Partners LLC owned about 0.69% of Terns Pharmaceuticals worth $4,062,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. grew its stake in shares of 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 worth $18,321,000 after acquiring an additional 469,176 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Terns Pharmaceuticals by 0.5% during the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company's stock worth $14,425,000 after acquiring an additional 11,535 shares during the period. Janus Henderson Group PLC boosted its position in Terns Pharmaceuticals by 40.6% in 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 last quarter. Dimensional Fund Advisors LP increased its position in shares of Terns Pharmaceuticals by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 371,892 shares of the company's stock valued at $2,534,000 after purchasing an additional 31,875 shares during the last quarter. Finally, Salem Investment Counselors Inc. bought a new stake in shares of Terns Pharmaceuticals during the 2nd quarter worth $2,531,000. Institutional investors and hedge funds own 98.26% of the company's stock.

Insider Buying and Selling

In related news, Director Hongbo Lu bought 476,190 shares of the stock in a transaction dated 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 trade was a ∞ increase in their position. The acquisition was disclosed in a legal 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 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 sale, the director now owns 15,000 shares of the company's stock, valued at $150,000. This represents a 53.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TERN has been the subject of several research reports. JMP Securities increased their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a "market outperform" rating in a research report on Tuesday, September 10th. BMO Capital Markets reiterated 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. HC Wainwright upped their price target on shares of Terns Pharmaceuticals from $5.50 to $7.50 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. Finally, Oppenheimer started coverage on Terns Pharmaceuticals in a research report on Thursday, October 31st. They issued an "outperform" rating and a $82.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Terns Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $30.70.

Terns Pharmaceuticals Trading Up 7.8 %

Shares of Terns Pharmaceuticals stock traded up $0.46 on Thursday, hitting $6.34. 1,958,789 shares of the company traded hands, compared to its average volume of 1,295,937. Terns Pharmaceuticals, Inc. has a 12-month low of $3.86 and a 12-month high of $11.40. The company has a market cap of $538.52 million, a P/E ratio of -5.37 and a beta of -0.32. The firm's 50-day simple moving average is $7.39 and its 200 day simple moving average is $7.49.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.05. Analysts predict that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current 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.