Oppenheimer lowered the firm’s price target on Terns Pharmaceuticals (TERN) to $17 from $20 and keeps an Outperform rating on the shares after the company provided an update on the Phase 2 FALCON trial of TERN-601 in obesity. Following 12 weeks of treatment, TERN-601 showed an up to 4.6% placebo-adjusted weight loss, which was accompanied by a relatively high AE-related discontinuation rate of 12% across all treatment cohorts. Additionally, three participants had Grade 3 liver enzyme elevations during the follow-up period post-treatment. As a result, “it is not surprising” that the company will not advance TERN-601, the firm says.
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