Terns Pharmaceuticals (NASDAQ:TERN) Price Target Raised to $57.00

Terns Pharmaceuticals (NASDAQ:TERN) had its price objective lifted by Citizens Jmp from $35.00 to $57.00 in a report published on Thursday morning,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

Several other research analysts also recently commented on TERN. HC Wainwright lifted their price objective on Terns Pharmaceuticals from $20.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Terns Pharmaceuticals in a research note on Monday, December 8th. Oppenheimer increased their price objective on Terns Pharmaceuticals from $28.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday. Jefferies Financial Group restated a “buy” rating and issued a $70.00 target price on shares of Terns Pharmaceuticals in a report on Wednesday. Finally, BMO Capital Markets upped their price target on shares of Terns Pharmaceuticals from $35.00 to $54.00 and gave the company an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.56.

Terns Pharmaceuticals Stock Performance

Shares of Terns Pharmaceuticals stock opened at $45.00 on Thursday. Terns Pharmaceuticals has a 52-week low of $1.87 and a 52-week high of $48.26. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -43.69 and a beta of -0.24. The company has a fifty day moving average of $19.73 and a 200-day moving average of $10.63.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its earnings results on Monday, November 10th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. On average, equities research analysts forecast that Terns Pharmaceuticals will post -1.19 earnings per share for the current fiscal year.

Insider Activity at Terns Pharmaceuticals

In related news, Director Jill M. Quigley sold 24,520 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $18.00, for a total value of $441,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Polymer Capital Management US LLC purchased a new position in shares of Terns Pharmaceuticals during the third quarter valued at about $76,000. Engineers Gate Manager LP purchased a new stake in Terns Pharmaceuticals in the second quarter worth about $41,000. Fox Run Management L.L.C. bought a new stake in Terns Pharmaceuticals during the 3rd quarter valued at approximately $87,000. Canada Pension Plan Investment Board purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $46,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Terns Pharmaceuticals during the 3rd quarter worth approximately $94,000. 98.26% of the stock is owned by hedge funds and other institutional investors.

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.