Walleye Capital LLC Takes $1.55 Million Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Walleye Capital LLC bought a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 185,795 shares of the company's stock, valued at approximately $1,550,000. Walleye Capital LLC owned 0.26% of Terns Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its position 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 during the period. Salem Investment Counselors Inc. acquired a new stake in shares of Terns Pharmaceuticals during the 2nd quarter valued at about $2,531,000. Telemark Asset Management LLC bought a new stake in Terns Pharmaceuticals in the third quarter valued at about $2,502,000. Acuta Capital Partners LLC raised its position in Terns Pharmaceuticals by 31.9% in the third quarter. Acuta Capital Partners LLC now owns 487,000 shares of the company's stock worth $4,062,000 after purchasing an additional 117,720 shares in the last quarter. Finally, Quantbot Technologies LP lifted its stake in Terns Pharmaceuticals by 3,114.6% during the third quarter. Quantbot Technologies LP now owns 120,838 shares of the company's stock worth $1,008,000 after purchasing an additional 117,079 shares during the period. Institutional investors and hedge funds own 98.26% of the company's stock.

Insider Activity

In other news, Director Hongbo Lu acquired 476,190 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average price of $10.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now directly owns 476,190 shares in the company, valued at approximately $4,999,995. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jill M. Quigley sold 17,235 shares of the business's 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 completion of the transaction, the director now directly owns 15,000 shares of the company's stock, valued at approximately $150,000. The trade was 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 insiders.

Terns Pharmaceuticals Price Performance

Shares of TERN stock traded down $0.50 during trading hours on Thursday, hitting $6.58. 1,223,616 shares of the company's stock were exchanged, compared to its average volume of 1,315,495. The stock's 50-day moving average is $7.06 and its 200-day moving average is $7.51. Terns Pharmaceuticals, Inc. has a 52 week low of $4.32 and a 52 week high of $11.40. The stock has a market cap of $558.91 million, a price-to-earnings ratio of -5.58 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) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. Equities research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

TERN has been the subject of a number of recent research reports. JMP Securities reissued a "market outperform" rating and issued a $20.00 target price on shares of Terns Pharmaceuticals in a report on Wednesday. BMO Capital Markets reiterated an "outperform" rating and set a $26.00 price objective (up from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer boosted their target price on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, HC Wainwright reiterated a "neutral" rating and set a $7.50 target price on shares of Terns Pharmaceuticals in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.