Terns Pharmaceuticals Inc (NASDAQ: TERN) Stock Forecast For 2024: Increases Growth Prospects To $9 Per Share

In the last trading session, 1.26 million Terns Pharmaceuticals Inc (NASDAQ:TERN) shares changed hands as the company’s beta touched -0.72. With the company’s per share price at $6.85 changed hands at $0.58 or 9.25% during last session, the market valuation stood at $423.26M. TERN’s last price was a discount, traded about -104.96% off its 52-week high of $14.04. The share price had its 52-week low at $3.26, which suggests the last value was 52.41% up since then. When we look at Terns Pharmaceuticals Inc’s average trading volume, we note the 10-day average is 0.52 million shares, with the 3-month average coming to 2.25.

Terns Pharmaceuticals Inc (NASDAQ:TERN) trade information

Instantly TERN was in green as seen at the end of in last trading. With action 35.64%, the performance over the past five days has been green. The jump to weekly highs of 7.49 added 9.25% to the stock’s daily price. The company’s shares are showing year-to-date upside of 5.55%, with the 5-day performance at 35.64% in the green. However, in the 30-day time frame, Terns Pharmaceuticals Inc (NASDAQ:TERN) is 11.75% up. Looking at the short shares, we see there were 4.24 million shares sold at short interest cover period of 6.46 days.

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Terns Pharmaceuticals Inc (TERN) estimates and forecasts

Data shows that the Terns Pharmaceuticals Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 7.70% over the past 6 months, a 22.75% in annual growth rate that is considerably higher than the industry average of 15.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -24.12%. The 2024 estimates are for Terns Pharmaceuticals Inc earnings to increase by 20.99%.

Terns Pharmaceuticals Inc (NASDAQ:TERN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 1.85% of Terns Pharmaceuticals Inc shares while 108.79% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 110.84%. There are 108.79% institutions holding the Terns Pharmaceuticals Inc stock share, with Orbimed Advisors LLC. the top institutional holder. As of Jun 29, 2023, the company held 12.48% of the shares, roughly 7.62 million TERN shares worth $66.67 million.

FMR, LLC holds the second largest percentage of outstanding shares, with 11.54% or 7.05 million shares worth $61.69 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jul 30, 2023 were Fidelity Small Cap Growth Fund and Vanguard Total Stock Market Index Fund. With 1.98 million shares estimated at $14.32 million under it, the former controlled 3.25% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.99% of the shares, roughly 1.22 million shares worth around $10.66 million.

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