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Investing.com - BMO Capital raised its price target on Terns Pharmaceuticals (NASDAQ:TERN) to $22.00 from $15.00 on Tuesday, while maintaining an Outperform rating on the stock. The new target represents a 26% upside from the current price of $17.51, with TERN shares already trading near their 52-week high after surging over 63% in the past week alone.
The price target increase follows strong abstract data presented at the American Society of Hematology (ASH) meeting for Terns’ ’701 program, which prompted BMO to reassess the company’s outlook. This positive development has contributed to TERN’s impressive 300% price return over the past six months, according to InvestingPro data.
BMO has increased its probability of success estimate to 70% for the program and now projects peak unadjusted sales of $3.7 billion, significantly higher than previous estimates.
The research firm noted that even after the positive data release, Terns shares may still be undervalued when compared to similar products like Novartis’s Scemblix, which is estimated to reach over $3 billion in peak sales.
BMO expects investor focus will shift to full data presentation at the ASH meeting and upcoming updates in 2026 regarding Phase 3 trial design discussions with the FDA. With analyst targets ranging from $7.44 to $35 and TERN’s next earnings report due in approximately two weeks, investors seeking deeper insights can access the comprehensive Pro Research Report available for TERN and 1,400+ other US equities through InvestingPro.
In other recent news, Terns Pharmaceuticals has garnered significant attention following promising results from its Phase 1 CARDINAL trial for the TERN-701 drug, aimed at treating chronic myeloid leukemia (CML). The trial data, which is set to be presented at the American Society of Hematology meeting, revealed a 64% major molecular response (MMR) rate at six months among patients who had previously undergone treatment for CML. This promising outcome has prompted several analyst firms to revise their evaluations of the company. H.C. Wainwright upgraded Terns Pharmaceuticals from Neutral to Buy, raising the price target to $20.00. Truist Securities also increased its price target to $28.00, citing "unprecedented efficacy" of the drug. Oppenheimer followed suit, setting a new price target of $24.00 while maintaining an Outperform rating. Additionally, William Blair upgraded the stock to Outperform, highlighting the potential of TERN-701 to disrupt the CML treatment landscape. These recent developments reflect a growing optimism among analysts regarding Terns Pharmaceuticals’ future prospects.
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