Terns Pharmaceuticals price target raised to $22 from $15 at BMO Capital

BMO Capital analyst Evan Seigerman raised the firm’s price target on Terns Pharmaceuticals (TERN) to $22 from $15 and keeps an Outperform rating on the shares. The firm increased its probability of success for TERN-701 to 70% and peak unadjusted sales estimate to $3.7B following today’s abstract data. Terns shares may be undervalued with products like Novartis’s Scemblix estimated to reach well over $3B in peak sales, the analyst tells investors in a research note. BMO sees additional upside in the stock even after Monday’s 80% rally.