Terns Pharmaceuticals Proposes $400 Million Public Offering to Fund R&D
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 09 2025
0mins
Should l Buy TERN?
Source: Globenewswire
- Financing Plan: Terns Pharmaceuticals has announced a proposed public offering of $400 million in common stock, along with pre-funded warrants for certain investors, aimed at funding research and clinical trials for key product candidates.
- Additional Option: The company expects to grant underwriters a 30-day option to purchase up to $60 million in common stock, which could enhance market interest in the offering by providing flexibility.
- Use of Proceeds: The net proceeds from this offering will be utilized for the development and potential commercialization preparations of TERN-701, demonstrating the company's confidence in its product and the importance of future market opportunities.
- Market Condition Impact: The offering is subject to market and other conditions, introducing uncertainty that may affect the actual size and terms of the financing, reflecting the complexities of the current market environment.
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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
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
- 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.
See More
ORBIMED Reduces Stake in Terns Pharmaceuticals
- 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.
See More
ORBIMED Reduces Stake in Terns Pharmaceuticals
- 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.
See More
First Turn Management Acquires Stake in Terns Pharmaceuticals
- 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.
See More
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- Stock Surge: Shares of Viking Therapeutics (VKTX) surged 17% on Wednesday, reflecting strong market interest in its weight-loss drug development, particularly as Novo Nordisk (NVO) seeks acquisitions to enhance its drug portfolio.
- M&A Activity: Novo Nordisk halted its $10 billion bid for the smaller obesity drugmaker Metsera, but successfully acquired Akero Therapeutics for up to $5.2 billion in December, indicating its aggressive strategy in the obesity drug market.
- Clinical Trial Progress: Viking's lead candidate VK2735 demonstrated a significant average weight loss of 14.7% over 13 weeks in mid-stage trials, showcasing its potential in obesity treatment, with ongoing studies for an oral formulation of the drug.
- Market Sentiment: On Stocktwits, retail sentiment around VKTX remained in the 'extremely bullish' territory, with message volume rising from 'high' to 'extremely high', as speculation grew about Novo potentially acquiring Viking for around $10 billion, which would represent substantial upside from its current near $4 billion market cap.
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- Bitcoin Mining Performance: In November, CleanSpark successfully mined 587 Bitcoins, bringing its total holdings to 13,054, indicating strong performance and ongoing growth potential in the Bitcoin market.
- Significant Sales Revenue: The company sold 565.41 Bitcoins at an average price of $91,979, generating total earnings of $52 million, which further solidifies its financial foundation in the Bitcoin mining sector.
- Strategic Transition: CleanSpark is gradually transitioning from Bitcoin mining to high-performance computing (HPC) services, and while the market remains optimistic about its future potential, analysts believe that other AI stocks may offer higher returns with lower risk.
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Boxer Capital Acquires New Stake in Terns Pharmaceuticals
- 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.
See More
ORBIMED Reduces Stake in Terns Pharmaceuticals
- 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.
See More
ORBIMED Reduces Stake in Terns Pharmaceuticals
- 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.
See More
First Turn Management Acquires Stake in Terns Pharmaceuticals
- 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.
See More
Viking Therapeutics CEO Highlights Broad Strategic Interest in Weight-Loss Drug Deals, Shares Surge 17%
- Stock Surge: Shares of Viking Therapeutics (VKTX) surged 17% on Wednesday, reflecting strong market interest in its weight-loss drug development, particularly as Novo Nordisk (NVO) seeks acquisitions to enhance its drug portfolio.
- M&A Activity: Novo Nordisk halted its $10 billion bid for the smaller obesity drugmaker Metsera, but successfully acquired Akero Therapeutics for up to $5.2 billion in December, indicating its aggressive strategy in the obesity drug market.
- Clinical Trial Progress: Viking's lead candidate VK2735 demonstrated a significant average weight loss of 14.7% over 13 weeks in mid-stage trials, showcasing its potential in obesity treatment, with ongoing studies for an oral formulation of the drug.
- Market Sentiment: On Stocktwits, retail sentiment around VKTX remained in the 'extremely bullish' territory, with message volume rising from 'high' to 'extremely high', as speculation grew about Novo potentially acquiring Viking for around $10 billion, which would represent substantial upside from its current near $4 billion market cap.
See More
CleanSpark Inc. (CLSK) Jumps 14.13% Ahead of Mining Report for December 2025
- Stock Price Surge: CleanSpark's stock rose 14.13% on Friday to close at $11.55 per share, primarily driven by rising Bitcoin prices, reflecting investor optimism ahead of its upcoming December 2025 mining report.
- Bitcoin Mining Performance: In November, CleanSpark successfully mined 587 Bitcoins, bringing its total holdings to 13,054, indicating strong performance and ongoing growth potential in the Bitcoin market.
- Significant Sales Revenue: The company sold 565.41 Bitcoins at an average price of $91,979, generating total earnings of $52 million, which further solidifies its financial foundation in the Bitcoin mining sector.
- Strategic Transition: CleanSpark is gradually transitioning from Bitcoin mining to high-performance computing (HPC) services, and while the market remains optimistic about its future potential, analysts believe that other AI stocks may offer higher returns with lower risk.
See More
