Terns Pharmaceuticals appoints new board member

FOSTER CITY, Calif. - Terns Pharmaceuticals, Inc. (NASDAQ:TERN), a biopharmaceutical company focused on developing treatments for oncology and obesity, announced today the immediate appointment of Heather Turner, J.D. to its Board of Directors. Heather Turner, the former CEO of Carmot Therapeutics, Inc., brings over two decades of experience in strategic, operational, and legal roles within the biotechnology sector.

Turner's appointment coincides with the departure of Ann E. Taylor, M.D., who is stepping down after more than three years of service on the Terns Board. Amy Burroughs, CEO of Terns, expressed confidence in Turner's ability to contribute valuable insights and guidance to the company's strategic decisions. Turner's background includes leadership roles in several biotech firms, including a notable tenure as CEO of Carmot Therapeutics, which was acquired by Roche for $3.1 billion.

In her statement, Turner expressed enthusiasm for joining Terns and advancing its clinical development pipeline. She underscored the potential of Terns' product candidates to make a significant impact on patient care in the areas of metabolic diseases and oncology.

Terns Pharmaceuticals is actively developing a range of small-molecule product candidates, including an allosteric BCR-ABL inhibitor, a GLP-1 receptor agonist, and a THR-β agonist, with a GIPR modulator in preclinical stages. The company aims to address serious diseases through these candidates.

This announcement is based on a press release statement from Terns Pharmaceuticals. The company has cautioned that forward-looking statements within the release are subject to risks and uncertainties that could cause actual results to differ materially. These statements should not be considered as guarantees of future performance.

In other recent news, Terns Pharmaceuticals has been making significant strides in its clinical programs and financial ventures. The company has advanced its clinical program with the initiation of a Phase 2 study of TERN-601, an oral treatment targeting obesity, with initial data expected in the second half of 2025. In addition, Terns Pharmaceuticals has launched a $125 million stock offering, led by Jefferies and TD Cowen, intended to fund the development of key product candidates such as TERN-701 and TERN-601.

Analysts have responded to these developments with adjustments to their price targets and ratings. H.C. Wainwright has raised its price target for Terns Pharmaceuticals to $7.50, while maintaining a Neutral rating. Oppenheimer initiated coverage with an Outperform rating and a price target of $17.00, expressing confidence in the company's clinical pipeline. Mizuho (NYSE:MFG) increased its price target from $10.00 to $14.00, and Jefferies raised its price target to $30.00, both based on promising Phase 1 trial results for TERN-601.

In terms of personnel, Terns Pharmaceuticals has appointed Elona Kogan as its new chief legal officer. The company has also extended its office lease in Foster City, California, through 2027. These are among the recent developments at Terns Pharmaceuticals.

InvestingPro Insights

As Terns Pharmaceuticals (NASDAQ:TERN) welcomes Heather Turner to its Board of Directors, investors might be interested in some key financial insights. According to InvestingPro data, Terns has a market capitalization of $484.58 million, reflecting its position as a small-cap biopharmaceutical company.

Despite the company's focus on developing treatments for oncology and obesity, InvestingPro Tips reveal that Terns is not currently profitable, with an adjusted operating income of -$99.98 million over the last twelve months. This aligns with the company's stage of development, as it invests heavily in its clinical pipeline.

Interestingly, while the stock has seen a significant 66.31% price return over the past year, it has recently experienced a downturn, with a -17.29% return in the past week. This volatility is not uncommon for biotech stocks, especially as they progress through clinical trials and regulatory processes.

An InvestingPro Tip suggests that Terns holds more cash than debt on its balance sheet, which could be crucial for funding its ongoing research and development efforts. This financial stability may provide some reassurance to investors as the company continues to advance its product candidates.

For those interested in a deeper dive into Terns Pharmaceuticals' financial health and market performance, InvestingPro offers 12 additional tips, providing a comprehensive view of the company's prospects and challenges.

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