Terns Pharmaceuticals price target raised to $35 from $25 at Citizens JMP

Citizens JMP raised the firm’s price target on Terns Pharmaceuticals (TERN) to $35 from $25 and keeps an Outperform rating on the shares. Terns’s ASH abstract showed that TERN-701 delivered an unprecedented 24-week major molecular response rate in 2L+ relapsed/refractory chronic myeloid leukemia, outperforming other Phase 1 CML therapies in efficacy and tolerability, the analyst tells investors in a research note. Feedback from key opinion leaders suggests the drug is on a best-in-class trajectory with real potential to move into the front-line setting, the firm says.