Bellevue Group AG Takes $8.69 Million Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Bellevue Group AG bought a new position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 1,042,135 shares of the company's stock, valued at approximately $8,691,000. Bellevue Group AG owned 1.48% of Terns Pharmaceuticals as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Terns Pharmaceuticals in the third quarter worth about $48,000. Simplicity Wealth LLC purchased a new position in Terns Pharmaceuticals in the 2nd quarter worth approximately $72,000. Sio Capital Management LLC purchased a new position in Terns Pharmaceuticals in the 3rd quarter worth approximately $83,000. Walleye Trading LLC bought a new stake in Terns Pharmaceuticals in the first quarter valued at approximately $98,000. Finally, Entropy Technologies LP purchased a new stake in shares of Terns Pharmaceuticals during the third quarter valued at approximately $106,000. 98.26% of the stock is owned by institutional investors.

Terns Pharmaceuticals Trading Down 1.6 %

Terns Pharmaceuticals stock traded down $0.10 during trading hours on Friday, hitting $6.24. 702,990 shares of the stock traded hands, compared to its average volume of 1,334,430. Terns Pharmaceuticals, Inc. has a one year low of $4.19 and a one year high of $11.40. The firm's 50-day moving average price is $7.24 and its two-hundred day moving average price is $7.50. The company has a market cap of $530.03 million, a PE ratio of -5.29 and a beta of -0.32.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. On average, sell-side analysts expect that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. 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. Oppenheimer started coverage on shares of Terns Pharmaceuticals in a research report on Thursday, October 31st. They issued an "outperform" rating and a $82.00 price objective on the stock. JMP Securities upped their price objective on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the company a "market outperform" rating in a research note on Tuesday, September 10th. Finally, 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.70.

Insider Buying and Selling at Terns Pharmaceuticals

In other news, Director Jill M. Quigley sold 17,235 shares of the company'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 of the company's stock, valued at $150,000. This represents a 53.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Hongbo Lu acquired 476,190 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the acquisition, the director now directly owns 476,190 shares in the company, valued at $4,999,995. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 15.10% of the stock is owned by company insiders.

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.