Bank of New York Mellon Corp Increases Stock Holdings in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Bank of New York Mellon Corp increased its stake in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) by 15.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 186,308 shares of the company’s stock after acquiring an additional 24,930 shares during the quarter. Bank of New York Mellon Corp’s holdings in Terns Pharmaceuticals were worth $1,032,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Terns Pharmaceuticals during the 3rd quarter worth approximately $442,000. Intech Investment Management LLC acquired a new stake in shares of Terns Pharmaceuticals in the third quarter worth approximately $145,000. Charles Schwab Investment Management Inc. increased its position in shares of Terns Pharmaceuticals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 154,714 shares of the company’s stock worth $1,290,000 after purchasing an additional 1,994 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Terns Pharmaceuticals by 191.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 66,100 shares of the company’s stock valued at $551,000 after purchasing an additional 43,455 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Terns Pharmaceuticals by 3,114.6% in the 3rd quarter. Quantbot Technologies LP now owns 120,838 shares of the company’s stock valued at $1,008,000 after purchasing an additional 117,079 shares in the last quarter. 98.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TERN has been the subject of several research reports. JMP Securities reaffirmed a “market outperform” rating and set a $20.00 price objective on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. William Blair restated a “market perform” rating on shares of Terns Pharmaceuticals in a research report on Friday. Oppenheimer lifted their price objective on Terns Pharmaceuticals from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, HC Wainwright reissued a “neutral” rating and set a $7.50 price objective on shares of Terns Pharmaceuticals in a research note on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.30.

Insiders Place Their Bets

In related news, insider Emil Kuriakose sold 4,481 shares of Terns Pharmaceuticals stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $5.71, for a total value of $25,586.51. Following the sale, the insider now directly owns 54,269 shares in the company, valued at $309,875.99. The trade was a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark J. Vignola sold 9,059 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $5.80, for a total transaction of $52,542.20. Following the sale, the chief financial officer now owns 74,752 shares in the company, valued at $433,561.60. The trade was a 10.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,669 shares of company stock valued at $211,040. 15.10% of the stock is owned by company insiders.

Terns Pharmaceuticals Price Performance

NASDAQ:TERN opened at $3.51 on Tuesday. The business’s fifty day moving average price is $4.01 and its 200 day moving average price is $6.02. The firm has a market capitalization of $298.14 million, a PE ratio of -2.97 and a beta of -0.30. Terns Pharmaceuticals, Inc. has a 12 month low of $3.08 and a 12 month high of $11.40.

Terns Pharmaceuticals (NASDAQ:TERN) last posted its earnings results on Thursday, March 20th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06. As a group, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.19 EPS for the current year.

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.