Terns Pharmaceuticals price target lowered to $15 from $26 at BMO Capital

BMO Capital lowered the firm’s price target on Terns Pharmaceuticals (TERN) to $15 from $26 and keeps an Outperform rating on the shares. The company’s TERN-701 dose expansion updates are positive with data to come in Q4, and the recent patent correspondences with USPTO indicate reviewers of ‘601 have removed double patenting rejections in reference to Pfizer’s (PFE) danuglipron, the analyst tells investors in a research note. BMO adds however that its price target is reduced as the recent macro headwinds have increased its capital cost assumptions.