The Manufacturers Life Insurance Company Raises Stock Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

The Manufacturers Life Insurance Company grew its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 28.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 22,645 shares of the company’s stock after purchasing an additional 5,049 shares during the period. The Manufacturers Life Insurance Company’s holdings in Terns Pharmaceuticals were worth $154,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Terns Pharmaceuticals by 12.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,694 shares of the company’s stock worth $136,000 after acquiring an additional 2,261 shares during the period. American Century Companies Inc. grew its stake in Terns Pharmaceuticals by 17.7% in the second quarter. American Century Companies Inc. now owns 64,119 shares of the company’s stock valued at $437,000 after purchasing an additional 9,635 shares during the last quarter. Simplicity Wealth LLC bought a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $72,000. Vanguard Group Inc. increased its position in shares of Terns Pharmaceuticals by 0.5% during the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after purchasing an additional 11,535 shares in the last quarter. Finally, Walleye Trading LLC acquired a new position in Terns Pharmaceuticals during the 1st quarter valued at about $98,000. 98.26% of the stock is currently owned by institutional investors.

Terns Pharmaceuticals Trading Down 1.2 %

NASDAQ:TERN opened at $7.41 on Friday. Terns Pharmaceuticals, Inc. has a 12-month low of $3.26 and a 12-month high of $11.40. The firm has a market cap of $479.26 million, a P/E ratio of -5.88 and a beta of -0.36. The stock’s 50 day simple moving average is $8.24 and its 200-day simple moving average is $7.21.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.04. Research analysts forecast that Terns Pharmaceuticals, Inc. will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hongbo Lu acquired 476,190 shares of the stock in a transaction on Thursday, September 12th. The stock was bought at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the director now directly owns 476,190 shares of the company’s stock, valued at $4,999,995. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Hongbo Lu bought 476,190 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was bought at an average price of $10.50 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 476,190 shares of the company’s stock, valued at approximately $4,999,995. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jill M. Quigley sold 6,143 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $7.68, for a total transaction of $47,178.24. Following the sale, the director now directly owns 23,857 shares in the company, valued at $183,221.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,378 shares of company stock worth $329,528 over the last three months. 15.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TERN has been the subject of a number of recent research reports. JMP Securities raised their price target on shares of Terns Pharmaceuticals from $15.00 to $20.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 10th. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 price objective (up previously from $19.00) on shares of Terns Pharmaceuticals in a research note on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.90.

Terns Pharmaceuticals Profile

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.