William Blair analyst Andy Hsieh has maintained their bullish stance on TERN stock, giving a Buy rating yesterday.
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Andy Hsieh has given his Buy rating due to a combination of factors that highlight the potential of Terns Pharmaceuticals’ TERN-701 in the chronic myeloid leukemia (CML) market. The recent increase in peak sales guidance for Novartis’ Scemblix, a competitor in the same space, suggests a positive outlook for TERN-701. With Scemblix achieving significant market share and robust sales growth, there is a strong indication that TERN-701 could effectively compete and potentially disrupt Scemblix’s dominance.
Furthermore, the upcoming presentation of interim data from the Phase I CARDINAL study at the American Society of Hematology meeting is anticipated to provide further evidence of TERN-701’s efficacy. The initial results have already exceeded expectations, suggesting that TERN-701 could challenge the current market leader in both treatment-naïve and relapsed/refractory CML populations. These factors collectively support the Buy rating, as TERN-701 shows promise in reshaping the CML treatment landscape.
In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $35.00 price target.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TERN in relation to earlier this year.