Terns Pharmaceuticals price target lowered to $9 from $14 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the firm’s price target on Terns Pharmaceuticals (TERN) to $9 from $14 and keeps an Outperform rating on the shares. The firm views the negative top-line Phase data for TERN-601 as a “clearing event.” The stock will fall on the news but there is a “silver lining” in that the readout is a clearing event, the analyst tells investors in a research note. Mizuho finds the remaining oncology-focused Terns story “simpler, straightforward and ultimately, more attractive.”