Citizens JMP analyst Silvan Tuerkcan lowered the firm’s price target on Terns Pharmaceuticals (TERN) to $15 from $20 and keeps an Outperform rating on the shares. The company’s TERN-601 did not meet the criteria to become a competitive oral program in obesity based on the lower than anticipated weight loss and side effect profile, the analyst tells investors in a research note. The firm, however, views it as a positive that Terns “reacted promptly” and stopped further development.
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