Connor Clark & Lunn Investment Management Ltd. Buys New Position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Terns Pharmaceuticals, Inc. (NASDAQ:TERN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 53,013 shares of the company’s stock, valued at approximately $442,000. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Terns Pharmaceuticals as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its position in shares of Terns Pharmaceuticals by 21.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,690,376 shares of the company’s stock worth $18,321,000 after purchasing an additional 469,176 shares during the period. Vanguard Group Inc. lifted its holdings in Terns Pharmaceuticals by 0.5% in the first quarter. Vanguard Group Inc. now owns 2,199,006 shares of the company’s stock worth $14,425,000 after buying an additional 11,535 shares during the period. Janus Henderson Group PLC lifted its holdings in Terns Pharmaceuticals by 40.6% in the first quarter. Janus Henderson Group PLC now owns 2,003,263 shares of the company’s stock worth $13,131,000 after buying an additional 578,500 shares during the period. Dimensional Fund Advisors LP boosted its position in Terns Pharmaceuticals by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 371,892 shares of the company’s stock valued at $2,534,000 after acquiring an additional 31,875 shares in the last quarter. Finally, Salem Investment Counselors Inc. purchased a new position in shares of Terns Pharmaceuticals during the 2nd quarter worth approximately $2,531,000. Institutional investors own 98.26% of the company’s stock.

Terns Pharmaceuticals Trading Down 1.6 %

Shares of NASDAQ:TERN opened at $6.24 on Friday. The stock has a fifty day simple moving average of $7.24 and a two-hundred day simple moving average of $7.49. Terns Pharmaceuticals, Inc. has a 12-month low of $4.19 and a 12-month high of $11.40. The stock has a market capitalization of $530.03 million, a price-to-earnings ratio of -5.29 and a beta of -0.32.

Terns Pharmaceuticals (NASDAQ:TERN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.05. As a group, equities research analysts predict that Terns Pharmaceuticals, Inc. will post -1.22 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on TERN. HC Wainwright raised their target price on Terns Pharmaceuticals from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. BMO Capital Markets reissued an “outperform” rating and set a $26.00 price objective (up previously from $19.00) on shares of Terns Pharmaceuticals in a research report on Monday, September 16th. JMP Securities upped their target price 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. Finally, Oppenheimer began coverage on shares of Terns Pharmaceuticals in a research report on Thursday, October 31st. They set an “outperform” rating and a $82.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.70.

Insiders Place Their Bets

In other news, CFO Mark J. Vignola sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $11.00, for a total transaction of $110,000.00. Following the transaction, the chief financial officer now directly owns 91,940 shares of the company’s stock, valued at $1,011,340. This represents a 9.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jill M. Quigley sold 17,235 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $10.00, for a total value of $172,350.00. Following the sale, the director now directly owns 15,000 shares in the company, valued at $150,000. This trade represents a 53.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.10% of the company’s stock.

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.