The Manufacturers Life Insurance Company Acquires 43,455 Shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

The Manufacturers Life Insurance Company boosted its holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 191.9% during the third quarter, Holdings Channel.com reports. The fund owned 66,100 shares of the company’s stock after buying an additional 43,455 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Terns Pharmaceuticals were worth $551,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Point72 Asset Management L.P. increased its position in shares of Terns Pharmaceuticals by 21.1% in the second quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock valued at $18,321,000 after acquiring an additional 469,176 shares during the period. Telemark Asset Management LLC purchased a new position in Terns Pharmaceuticals during the 3rd quarter valued at about $2,502,000. Quest Partners LLC purchased a new stake in Terns Pharmaceuticals in the third quarter worth about $872,000. Renaissance Technologies LLC bought a new position in shares of Terns Pharmaceuticals during the second quarter valued at approximately $596,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Terns Pharmaceuticals by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 176,673 shares of the company’s stock worth $1,203,000 after purchasing an additional 64,018 shares in the last quarter. Hedge funds and other institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Stock Up 2.1 %

Terns Pharmaceuticals stock opened at $6.73 on Friday. Terns Pharmaceuticals, Inc. has a 52-week low of $4.32 and a 52-week high of $11.40. The company has a market cap of $571.64 million, a P/E ratio of -5.70 and a beta of -0.36. The business has a 50-day simple moving average of $6.82 and a two-hundred day simple moving average of $7.54.

Terns Pharmaceuticals (NASDAQ:TERN) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.05. Research analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current fiscal year.

Insider Activity at Terns Pharmaceuticals

In other Terns Pharmaceuticals news, CEO Amy L. Burroughs purchased 15,450 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average cost of $7.15 per share, with a total value of $110,467.50. Following the acquisition, the chief executive officer now owns 19,099 shares in the company, valued at approximately $136,557.85. This trade represents a 423.40 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TERN has been the subject of a number of recent research reports. 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. HC Wainwright reaffirmed a “neutral” rating and set a $7.50 price target on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $20.00 price objective on shares of Terns Pharmaceuticals in a report on Wednesday, December 4th. Finally, Oppenheimer upped their target price on shares of Terns Pharmaceuticals from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.30.

Terns Pharmaceuticals Company 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.