Terns Pharmaceuticals (NASDAQ:TERN) Price Target Cut to $18.00

Terns Pharmaceuticals (NASDAQ:TERN) had its target price decreased by investment analysts at UBS Group from $19.00 to $18.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 174.39% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets increased their price target on shares of Terns Pharmaceuticals from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. JMP Securities dropped their price target on shares of Terns Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Monday, March 18th. Finally, HC Wainwright reissued a “neutral” rating and issued a $5.50 target price on shares of Terns Pharmaceuticals in a research report on Friday, March 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.94.

Terns Pharmaceuticals Trading Up 6.5 %

Shares of Terns Pharmaceuticals stock opened at $6.56 on Wednesday. The firm has a market capitalization of $424.12 million, a PE ratio of -5.17 and a beta of -0.61. Terns Pharmaceuticals has a twelve month low of $3.26 and a twelve month high of $14.04. The firm’s 50-day moving average price is $6.64 and its 200 day moving average price is $5.83.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.29). On average, sell-side analysts predict that Terns Pharmaceuticals will post -1.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Terns Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Suvretta Capital Management LLC increased its stake in Terns Pharmaceuticals by 61.3% in the 2nd quarter. Suvretta Capital Management LLC now owns 5,561,835 shares of the company’s stock worth $48,666,000 after purchasing an additional 2,113,560 shares during the period. BlackRock Inc. increased its position in Terns Pharmaceuticals by 347.9% during the second quarter. BlackRock Inc. now owns 3,138,529 shares of the company’s stock valued at $27,462,000 after acquiring an additional 2,437,862 shares during the last quarter. Braidwell LP increased its position in Terns Pharmaceuticals by 54.2% in the third quarter. Braidwell LP now owns 2,840,052 shares of the company’s stock worth $14,285,000 after buying an additional 997,700 shares in the last quarter. Franklin Resources Inc. increased its position in Terns Pharmaceuticals by 7.4% in the fourth quarter. Franklin Resources Inc. now owns 2,307,834 shares of the company’s stock worth $14,978,000 after buying an additional 159,013 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Terns Pharmaceuticals by 280.8% in the fourth quarter. Millennium Management LLC now owns 1,457,205 shares of the company’s stock worth $14,834,000 after acquiring an additional 1,074,492 shares during the period. 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.