BMO Capital raised the firm’s price target on Terns Pharmaceuticals (TERN) to $54 from $35 and keeps an Outperform rating on the shares. Full CARDINAL data and management call increases the firm’s confidence in TERN-701 again, and with TERN-701 clearly showing a differentiated tolerabiltiy and efficacy profile vs. existing allosteric inhibitors, the firm is increasing its long-term peak adjusted sales again to $3.4B, the analyst tells investors in a research note. BMO adds that its positive view on the stock is buoyed by a small molecule platform, which the firm believes can deliver differentiated assets that have been clinically validated in several indications.
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