US mulls equity stakes in chipmakers receiving CHIPS Act Funds - Reuters
Terns Pharmaceuticals Inc. shares have reached a 52-week low, trading at $3.08, marking a significant downturn for the company within the past year. With a market capitalization of $269 million, the stock currently trades below InvestingPro’s Fair Value estimate, suggesting potential undervaluation. Analyst price targets range from $7.50 to $34, indicating significant upside potential despite recent challenges. This latest price level reflects a stark contrast to the stock’s performance over the last 12 months, with Terns Pharmaceuticals experiencing a substantial 46% decline in its stock value year-over-year. Investors are closely monitoring the company’s progress and future prospects as it navigates through a challenging period marked by this notable decrease in its market valuation. The company maintains a strong balance sheet with more cash than debt, though InvestingPro analysis reveals 8 additional key insights about the company’s financial health and growth prospects.
In other recent news, Terns Pharmaceuticals announced updates on its ongoing clinical trials, including the CARDINAL study for TERN-701, which focuses on treating chronic myeloid leukemia. The study completed its dose escalation phase, and promising interim data indicated strong molecular responses and a favorable safety profile. The company also unveiled the design for the Phase 2 FALCON trial of TERN-601, targeting obesity treatment, with the trial expected to commence in the second quarter of 2025. Furthermore, Terns Pharmaceuticals appointed Andrew Gengos as its new chief financial officer, bringing extensive experience in the life sciences sector. This follows the departure of the previous CFO, Mark Vignola, who will continue as a consultant until July 2025. Oppenheimer analysts maintained an Outperform rating on Terns Pharmaceuticals, highlighting upcoming catalysts, particularly the development of TERN-701. They noted promising efficacy and safety data from Phase 1 trials and anticipate further data releases in 2025. Terns Pharmaceuticals has a robust financial position, with cash reserves expected to fund operations into 2028.
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