Fmr LLC Decreases Stock Holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

FMR LLC trimmed its holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) by 57.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,172,524 shares of the company's stock after selling 1,594,572 shares during the quarter. FMR LLC owned about 1.67% of Terns Pharmaceuticals worth $9,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in shares of Terns Pharmaceuticals in the 3rd quarter valued at about $48,000. Entropy Technologies LP acquired a new position in shares of Terns Pharmaceuticals in the 3rd quarter valued at about $106,000. Bleakley Financial Group LLC lifted its stake in shares of Terns Pharmaceuticals by 26.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 13,312 shares of the company's stock valued at $111,000 after purchasing an additional 2,751 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Terns Pharmaceuticals by 78.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,535 shares of the company's stock valued at $113,000 after purchasing an additional 5,935 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Terns Pharmaceuticals by 12.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company's stock valued at $136,000 after purchasing an additional 2,261 shares during the period. 98.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Amy L. Burroughs acquired 15,450 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $7.15 per share, with a total value of $110,467.50. Following the completion of the purchase, the chief executive officer now owns 19,099 shares of the company's stock, valued at $136,557.85. This represents a 423.40 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.10% of the stock is currently owned by company insiders.

Terns Pharmaceuticals Stock Performance

Shares of Terns Pharmaceuticals stock traded down $0.11 on Thursday, hitting $6.59. The company had a trading volume of 1,420,535 shares, compared to its average volume of 1,319,670. The stock has a market capitalization of $559.75 million, a price-to-earnings ratio of -5.68 and a beta of -0.36. Terns Pharmaceuticals, Inc. has a 1 year low of $4.32 and a 1 year high of $11.40. The stock has a 50 day moving average of $6.88 and a 200-day moving average of $7.53.

Terns Pharmaceuticals (NASDAQ:TERN - Get Free Report) last released its earnings results 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. Equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TERN shares. BMO Capital Markets reissued an "outperform" rating and issued a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer upped their price target on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. HC Wainwright reaffirmed a "neutral" rating and set a $7.50 price target on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $20.00 price target on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Terns Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $18.30.

Terns Pharmaceuticals Company 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.