Salem Investment Counselors Inc. Invests $2.53 Million in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Salem Investment Counselors Inc. bought a new position in shares of Terns Pharmaceuticals, Inc. (NASDAQ:TERN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 371,600 shares of the company’s stock, valued at approximately $2,531,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. AJOVista LLC bought a new stake in Terns Pharmaceuticals during the fourth quarter worth about $58,000. Simplicity Solutions LLC bought a new stake in Terns Pharmaceuticals during the fourth quarter worth about $68,000. Bleakley Financial Group LLC bought a new stake in Terns Pharmaceuticals during the fourth quarter worth about $68,000. Simplicity Wealth LLC bought a new stake in Terns Pharmaceuticals during the second quarter worth about $72,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in 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 worth $78,000 after acquiring an additional 4,742 shares in the last quarter. Institutional investors own 98.26% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Terns Pharmaceuticals Stock Up 4.0 %

TERN opened at $7.09 on Friday. Terns Pharmaceuticals, Inc. has a 12-month low of $3.26 and a 12-month high of $10.03. The business has a 50 day moving average of $7.62 and a 200-day moving average of $6.67.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings data 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. Analysts forecast that Terns Pharmaceuticals, Inc. will post -1.41 EPS for the current year.

Insider Buying and Selling

In other Terns Pharmaceuticals news, Director Jill M. Quigley sold 6,143 shares of Terns Pharmaceuticals stock in a transaction dated Thursday, August 1st. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jill M. Quigley sold 6,143 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $7.68, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl L. Gordon sold 50,976 shares of the business’s stock in a transaction dated 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 directly owns 756,258 shares in the company, valued at $7,562,580. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.

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.