First Turn Management Acquires Stake in Terns Pharmaceuticals

Written by Emily J. Thompson, Senior Investment Analyst

Source: Fool

Updated: Feb 17 2026

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TERN+4.48%

Should l Buy TERN?

Source: Fool

New Investment Position: First Turn Management, LLC disclosed a new position in Terns Pharmaceuticals on February 13, 2026, acquiring 872,049 shares in an estimated $35.23 million trade, indicating strong confidence in the company's future growth potential.
Significant Ownership: This acquisition represents 4.03% of First Turn Management's total U.S. equity holdings of $875.20 million, highlighting the firm's strategic focus on the biopharmaceutical sector and its commitment to high-growth investments.
Outstanding Stock Performance: As of February 13, 2026, Terns Pharmaceuticals shares were priced at $37.79, reflecting an impressive 826.2% increase over the past year, significantly outperforming the S&P 500 by 814.43 percentage points, showcasing strong market validation of its product pipeline.
Clinical Stage Advantage: Terns Pharmaceuticals is dedicated to developing small-molecule therapeutics targeting non-alcoholic steatohepatitis (NASH) and obesity, with a diversified pipeline that positions it competitively to address high unmet medical needs in metabolic disorders.

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Analyst Views on TERN

Wall Street analysts forecast TERN stock price to rise

11 Analyst Rating

11 Buy

0 Hold

0 Sell

Strong Buy

Current: 44.290

Low

35.00

Averages

54.22

High

60.00

Current: 44.290

Low

35.00

Averages

54.22

High

60.00

Leerink

Outperform

initiated

$58

2026-02-09

Reason

Leerink

Price Target

$58

AI Analysis

2026-02-09

initiated

Outperform

Reason

Leerink initiated coverage of Terns Pharmaceuticals with an Outperform rating and $58 price target. Terns is a clinical-stage biotechnology company developing TERN-701, a next-generation allosteric BCR::ABL1 inhibitor for chronic myeloid leukemia. Early phase 1 TERN-701 CARDINAL data suggest a best-in-class profile, with materially higher molecular response rates and a clean safety profile that affords a wider therapeutic window enabling deeper and more durable target suppression, the firm notes. The frontline CML setting is the primary driver of value for TERN-701, which Leerink sees as a $4.8B opportunity, $32/share in its model. At Terns's current $4B market valuation, conviction in TERN-701's ability to meaningfully penetrate the frontline setting is paramount to the long thesis. The firm forecasts an additional $1.4B of second-line-and-beyond peak revenues or $18/share in its model.

Citizens

Outperform

maintain

$35 -> $57

2025-12-11

Reason

Citizens

Price Target

$35 -> $57

2025-12-11

maintain

Outperform

Reason

Citizens raised the firm's price target on Terns Pharmaceuticals to $57 from $35 and keeps an Outperform rating on the shares. Terns' interim Phase 1 CARDINAL ASH update highlighted the best-in-class profile of TERN-701, the analyst tells investors in a research note. Key additional data points were the high deep molecular response rate, setting it up well in 1L, and the strong activity post asciminib and ponatinib, which is very positive in 2L, Citizens says.

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About TERN

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Its product candidates in pipeline includes TERN-701, TERN-601 and TERN-501. TERN-701 is its oral, potent, allosteric BCR-ABL tyrosine kinase inhibitors (TKI) specifically targeting the ABL myristoyl pocket for CML, a form of cancer that begins in the bone marrow and leads to the growth of leukemic cells. TERN-601 is a small-molecule glucagon-like peptide-1 receptor (GLP-1R) agonist that is intended to be orally administered for obesity. TERN-501 is a thyroid hormone receptor beta (THR-b) agonist with high metabolic dysfunction-associated steatohepatitis (MASH). It is also focused on developing the TERN-800 series of small-molecule glucose-dependent insulinotropic polypeptide receptor (GIPR) modulators for obesity.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Boxer Capital Acquires New Stake in Terns Pharmaceuticals

5 days agoFool

New Investment Disclosure: On February 17, 2026, Boxer Capital Management disclosed its new investment in Terns Pharmaceuticals, acquiring 375,000 shares valued at approximately $15.15 million, indicating strong confidence in the company's future prospects.
Significant Ownership: This acquisition brings Boxer Capital's stake in Terns to 3.32%, representing a notable position within its $456.88 million in 13F reportable assets under management, reflecting a strategic focus on the biopharmaceutical sector.
Outstanding Stock Performance: As of February 17, 2026, Terns' shares were priced at $39.58, marking an impressive 858.4% increase over the past year, significantly outperforming the S&P 500 by 862.96 percentage points, showcasing strong market recognition of its small-molecule therapies.
Broad Market Potential: Terns focuses on developing small-molecule therapies targeting non-alcoholic steatohepatitis (NASH) and obesity, with several candidates in clinical trials, poised for value creation through commercialization or out-licensing, addressing urgent market needs for new therapies.

ORBIMED Reduces Stake in Terns Pharmaceuticals

Feb 20 2026Fool

Share Reduction Transaction: According to a SEC filing dated February 17, 2026, ORBIMED Advisors LLC sold 5,409,671 shares of Terns Pharmaceuticals for approximately $125 million, indicating a potential decrease in confidence regarding the company's future prospects.
Holding Changes: Following this sale, ORBIMED retains 2,153,300 shares of Terns, with a value decrease of $30.20 million, reflecting fluctuations in market expectations for its clinical pipeline.
Market Performance: As of February 17, 2026, Terns' stock price stood at $39.58, marking an 858.4% increase over the past year, significantly outperforming the S&P 500 by 862.96 percentage points, showcasing strong market confidence in its biotech potential.
Investor Focus: With upcoming clinical data releases, investors should monitor Terns' cash flow and trial results to assess whether its pipeline justifies the current high valuation, especially since robust data is crucial for sustaining valuation in the biotech sector.

ORBIMED Reduces Stake in Terns Pharmaceuticals

Feb 20 2026NASDAQ.COM

Stake Reduction Size: ORBIMED Advisors LLC disclosed in an SEC filing on February 17, 2026, that it reduced its stake in Terns Pharmaceuticals by 5,409,671 shares, with an estimated transaction size of $125.01 million, reflecting a cautious outlook on the company's future prospects.
Position Value Change: Following this transaction, ORBIMED's position in Terns decreased to 2,153,300 shares, with a value drop of $30.20 million, indicating the market's sensitivity to fluctuations in the company's stock price.
Asset Management Proportion: After the reduction, Terns now represents 1.78% of ORBIMED's reportable AUM, falling outside the top five holdings, which suggests a diminished significance in the investment portfolio.
Market Performance Comparison: As of February 17, 2026, Terns' stock price stood at $39.58, reflecting an 858.4% increase over the past year, significantly outperforming the S&P 500 by 862.96 percentage points, demonstrating strong market confidence in its clinical pipeline.