Mizuho raised the firm’s price target on Terns Pharmaceuticals (TERN) to $54 from $33 and keeps an Outperform rating on the shares. The firm says the company’s TERN-701 update far exceeded its expectations. Terns reported an “outstanding” 64% achieved a molecular response rate at six months, the analyst tells investors in a research note. Mizuho thinks TERN-701 has emerged as a “clear potential best-in-disease treatment” for chronic myeloid leukemia.
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