Truist Financial analyst Srikripa Devarakonda maintained a Buy rating on Terns Pharmaceuticals stock on January 8, setting a price target of $56 per share.
This followed an earlier update on December 9, when Truist raised the target from $35 to $56 after the company released Phase 1 study results for TERN-701, its lead program targeting chronic myeloid leukemia.
According to TipRanks, Truist informed investors that the drug's efficacy and safety profile indicated significant potential for frontline use. The study reported a 64% major molecular response rate at 24 weeks.
Also on January 8, Mizuho Securities reiterated an Outperform rating with a $54 price target, describing TERN-701 as a clear potential best-in-disease treatment for CML.
In a CNBC interview last month, CEO Amy Burroughs stated the company aims to initiate pivotal trials for the drug by the end of 2026.
Wall Street consensus rates the stock a Strong Buy. Shares of Terns Pharmaceuticals have risen more than 300% over the past three months. Analysts project a 42.31% upside based on a one-year average price target of $53.75 as of January 12's close.
Terns Pharmaceuticals is a biopharmaceutical company developing treatments for serious diseases including cancer and obesity.