Salem Investment Counselors Inc. Makes New Investment in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Salem Investment Counselors Inc. bought a new position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 371,600 shares of the company’s stock, valued at approximately $2,531,000. Salem Investment Counselors Inc. owned about 0.57% of Terns Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TERN. AJOVista LLC acquired a new stake in shares of Terns Pharmaceuticals in the fourth quarter worth approximately $58,000. Simplicity Solutions LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $68,000. Bleakley Financial Group LLC purchased a new position in Terns Pharmaceuticals in the fourth quarter valued at approximately $68,000. Simplicity Wealth LLC purchased a new position in Terns Pharmaceuticals in the second quarter valued at approximately $72,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Terns Pharmaceuticals by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 11,889 shares of the company’s stock valued at $78,000 after purchasing an additional 4,742 shares during the period. 98.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 6,143 shares of Terns Pharmaceuticals stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total value of $47,178.24. Following the completion of the transaction, the director now owns 23,857 shares of the company’s stock, valued at $183,221.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Terns Pharmaceuticals news, Director Carl L. Gordon sold 50,976 shares of Terns Pharmaceuticals stock in a transaction on Monday, July 15th. The shares were sold at an average price of $10.00, for a total value of $509,760.00. Following the completion of the transaction, the director now owns 756,258 shares of the company’s stock, valued at $7,562,580. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jill M. Quigley sold 6,143 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $7.68, for a total transaction of $47,178.24. Following the transaction, the director now directly owns 23,857 shares of the company’s stock, valued at approximately $183,221.76. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TERN has been the topic of a number of analyst reports. HC Wainwright reiterated a “neutral” rating and set a $5.50 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, May 14th. JMP Securities reiterated a “market outperform” rating and set a $15.00 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday, April 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $19.00 price objective on shares of Terns Pharmaceuticals in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.08.

Terns Pharmaceuticals Price Performance

TERN stock opened at $7.09 on Friday. Terns Pharmaceuticals, Inc. has a twelve month low of $3.26 and a twelve month high of $10.03. The firm has a 50 day simple moving average of $7.62 and a 200-day simple moving average of $6.67.

Terns Pharmaceuticals (NASDAQ:TERN) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.04. On average, equities analysts anticipate that Terns Pharmaceuticals, Inc. will post -1.41 earnings per share for the current fiscal year.

About Terns Pharmaceuticals

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.