Terns Pharmaceuticals Secures Average Price Target of $16.24 from Analysts

Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) have received an average target price of $16.24 from eight brokerages following the stock. The ratings vary, with one analyst issuing a sell recommendation, two suggesting a hold, and five advocating a buy. This assessment comes as the company continues to attract attention within the biopharmaceutical sector.

On August 5, 2023, Terns Pharmaceuticals reported earnings per share (EPS) of (0.26), surpassing analysts’ expectations of (0.28) by $0.02. Despite this positive report, the company’s stock experienced a decline of 2.3% in trading.

Analyst Ratings and Price Objectives

Recent evaluations from various research analysts provide a spectrum of viewpoints on Terns Pharmaceuticals. HC Wainwright, in a note dated September 4, 2023, initiated coverage with a “neutral” rating, setting a price target of $7.44. Conversely, Truist Financial began coverage on October 14, 2023, with a more optimistic “buy” rating and a target of $20.00.

On the other hand, Weiss Ratings reaffirmed a “sell (d-)” rating on October 8, 2023, while Barclays initiated coverage on September 17, 2023, with an “overweight” rating and a price objective of $15.00.

Institutional Investments and Holdings

Recent activity from institutional investors indicates growing interest in Terns Pharmaceuticals. In the second quarter, Engineers Gate Manager LP acquired a new stake, investing approximately $41,000. BNP Paribas Financial Markets increased its holdings by 11.6%, now owning 506,777 shares valued at $1.89 million after acquiring an additional 52,796 shares.

Other significant investments include Bridgeway Capital Management LLC, which purchased a stake worth $354,000, and Adage Capital Partners GP LLC, which invested about $4.77 million. Acuta Capital Partners LLC also expanded its stake by 42.5%, holding 463,864 shares valued at $1.73 million.

Currently, institutional investors own approximately 98.26% of Terns Pharmaceuticals’ shares, underscoring robust confidence in the company’s potential.

Terns Pharmaceuticals, a clinical-stage biopharmaceutical firm, focuses on developing small-molecule product candidates aimed at treating oncology, metabolic dysfunction-associated steatohepatitis (MASH), and obesity. One of its key projects, TERN-701, is an allosteric BCR-ABL tyrosine kinase inhibitor currently undergoing phase 1 clinical trials for chronic myeloid leukemia (CML).

As Terns Pharmaceuticals navigates the complexities of the biopharmaceutical landscape, analysts and investors will be watching closely for developments that could impact its future performance and market position.