H.C. Wainwright upgraded Terns Pharmaceuticals (TERN) to Buy from Neutral with a price target of $20, up from $7. The company reported “compelling” Phase 1 data for TERN-701 in previously treated chronic phase chronic myeloid leukemia. The firm views the data as a “material value inflection: for Terns that elevates the program into a “best-in-disease contender.” H.C. Wainwright now sees “credible paths for multi-line relevance,” including future front-line positioning, for TERN-701.
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