William Blair analyst Andy Hsieh has reiterated their bullish stance on TERN stock, giving a Buy rating on November 7.
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Andy Hsieh has given his Buy rating due to a combination of factors that highlight the potential of Terns Pharmaceuticals. The company recently reported its third-quarter financial results, which aligned with expectations, and provided updates on its progress. A significant focus is on the upcoming presentation of detailed interim data from the Phase I CARDINAL study of TERN-701, an allosteric BCR::ABL1 inhibitor, at the American Society of Hematology Annual Meeting.
The initial efficacy results from this study are promising, suggesting that TERN-701 could significantly impact the chronic myeloid leukemia treatment landscape. The potential for TERN-701 to challenge existing market leaders, such as Scemblix, is notable, especially in both treatment-naïve and relapsed/refractory populations. Additionally, Terns Pharmaceuticals’ strong financial position, with $295 million in cash expected to fund operations into 2028, supports the company’s ability to continue its development efforts and achieve future milestones.
In another report released on November 7, Mizuho Securities also maintained a Buy rating on the stock with a $32.00 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.