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Terns Pharmaceuticals Inc. shares have touched a 52-week low, dipping to $4.32, as the biopharmaceutical company faces market headwinds. According to InvestingPro data, the company maintains a strong financial position with more cash than debt, while analysts have set price targets ranging from $7.50 to $34. This latest price level reflects a significant retreat from better-performing times, with the stock experiencing a 1-year change of -22.26%. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with a notably high current ratio of 33x indicating strong short-term liquidity. Investors are closely monitoring Terns Pharmaceuticals as it navigates through a challenging phase, with the hope that the company’s strategic initiatives may eventually steer the stock away from its current lows and towards a path of recovery.
In other recent news, Terns Pharmaceuticals has been the focus of several noteworthy events. Oppenheimer has maintained an Outperform rating on Terns, with a revised price target of $20.00, following promising interim data from the Phase 1 CARDINAL study of TERN-701, a drug under development for Chronic Myeloid Leukemia (CML). H.C. Wainwright also adjusted its price target on Terns to $7.50, maintaining a Neutral rating.
Furthermore, Terns announced positive early results from its Phase 1 CARDINAL study of TERN-701 for CML and initiated a Phase 2 study of TERN-601, a treatment for obesity. The company also appointed Heather Turner, former CEO of Carmot Therapeutics, to its Board of Directors.
Moreover, Terns launched a $125 million stock offering led by Jefferies and TD Cowen to fund the development of key product candidates like TERN-701 and TERN-601. These recent developments highlight the ongoing progress at Terns Pharmaceuticals.
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