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

Telemark Asset Management LLC acquired a new stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 300,000 shares of the company's stock, valued at approximately $2,502,000. Telemark Asset Management LLC owned approximately 0.43% of Terns Pharmaceuticals as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. nVerses Capital LLC acquired a new stake in Terns Pharmaceuticals in the third quarter worth $48,000. Simplicity Wealth LLC acquired a new stake in shares of Terns Pharmaceuticals in the 2nd quarter valued at about $72,000. Walleye Trading LLC acquired a new stake in shares of Terns Pharmaceuticals in the 1st quarter valued at about $98,000. Kennedy Capital Management LLC bought a new stake in Terns Pharmaceuticals in the 1st quarter valued at about $101,000. Finally, Entropy Technologies LP acquired a new position in Terns Pharmaceuticals during the 3rd quarter worth approximately $106,000. Institutional investors and hedge funds own 98.26% of the company's stock.

Terns Pharmaceuticals Stock Performance

NASDAQ:TERN traded up $0.08 during trading hours on Friday, reaching $5.79. The stock had a trading volume of 864,648 shares, compared to its average volume of 1,287,049. The stock has a market cap of $491.80 million, a P/E ratio of -4.84 and a beta of -0.32. Terns Pharmaceuticals, Inc. has a 12-month low of $3.59 and a 12-month high of $11.40. The stock has a 50 day simple moving average of $7.68 and a 200 day simple moving average of $7.48.

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

Analysts Set New Price Targets

A number of brokerages have commented on TERN. JMP Securities raised their price objective 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. HC Wainwright lifted their price target on Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $26.00 target price (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. Finally, Oppenheimer assumed coverage on shares of Terns Pharmaceuticals in a research note on Thursday, October 31st. They issued an "outperform" rating and a $82.00 price objective for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $27.25.

Insider Buying and Selling at Terns Pharmaceuticals

In related news, Director Hongbo Lu purchased 476,190 shares of the firm's stock in a transaction dated Thursday, September 12th. The shares were purchased at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the acquisition, the director now directly owns 476,190 shares of the company's stock, valued at approximately $4,999,995. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark J. Vignola sold 10,000 shares of the company's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.10% of the company's stock.

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.