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Oppenheimer maintains Terns stock Outperform rating, $20 target

Published 21/01/2025, 20:38
Oppenheimer maintains Terns stock Outperform rating, $20 target
TERN
-3.11%

On Tuesday, Oppenheimer analysts maintained a positive outlook on Terns Pharmaceuticals (NASDAQ:TERN), currently trading at $4.51, by reiterating an Outperform rating and a $20.00 price target. According to InvestingPro data, analyst targets range from $7.50 to $34.00, suggesting significant upside potential. The firm's analysts highlighted upcoming catalysts for the company, particularly focusing on the development of TERN-701 for Chronic Myeloid Leukemia (CML).

The analysts shared insights following a meeting with Terns Pharmaceuticals' management team, discussing the potential of TERN-701. With a market capitalization of $382.65 million and an overall FAIR financial health rating from InvestingPro, the company maintains strong liquidity with a current ratio of 32.99.

They noted the drug had shown promising signs of efficacy and safety based on 3-month Phase 1 data reported in the fourth quarter of 2024. Terns Pharmaceuticals is expected to release more comprehensive 6-month Phase 1 CARDINAL data for TERN-701 in patients with relapsed or refractory 2L+ CML in the fourth quarter of 2025. This data is anticipated to offer further details on the drug’s therapeutic profile in comparison to the incumbent allosteric tyrosine kinase inhibitor (TKI) asciminib.

Additionally, the analysts pointed to positive Phase 1 data for TERN-601, a treatment for obese or overweight adults, which was released in the third quarter of 2024. Following these results, Terns Pharmaceuticals plans to initiate a Phase 2 study for TERN-601 in early second quarter of 2025. The outcomes from this study are expected to support the 12-week data readout of Phase 2 Part A, which is slated for the second half of 2025.

Oppenheimer's analysts expressed confidence in Terns Pharmaceuticals' positioning, considering the company underappreciated despite the significant milestones it is approaching. They emphasized the importance of the forthcoming data readouts as key catalysts that could potentially enhance the company's profile in the year ahead.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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