Oppenheimer Reiterates Outperform Rating on Terns Pharmaceuticals (TERN)

Oppenheimer analyst Jay Olson reiterated an Outperform rating and $20.00 price target on Terns Pharmaceuticals (NASDAQ: TERN).

The analyst commented: "We met with management to discuss upcoming catalysts for TERN-701 in CML, which has shown signals of efficacy and safety with 3-month Ph1 data reported in 4Q24. TERN plans to report longer-term 6-month Ph1 CARDINAL data of '701 in r/r 2L+ CML in 4Q25, which we believe should provide additional color on '701's therapeutic profile compared to incumbent allosteric TKI asciminib. Following positive Ph1 data of '601 in obese or overweight adults released in 3Q24, TERN expects to initiate '601's Ph2 study in early 2Q25, supporting the 12-week data readout of Ph2 Part A expected in 2H25. We view TERN as underappreciated while remaining well positioned ahead of key catalysts this year."

For an analyst ratings summary and ratings history on Terns Pharmaceuticals click here. For more ratings news on Terns Pharmaceuticals click here.

Shares of Terns Pharmaceuticals closed at $4.43 yesterday.

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