Truist raised the firm’s price target on Terns Pharmaceuticals (TERN) to $56 from $35 and keeps a Buy rating on the shares. The company reported updated Phase 1 CARDINAL data evaluating allosteric TKI TERN-701 in 38 patients, and the firm is reiterating its conviction in TERN-701 and sees increased potential in frontline use, especially with the groundbreaking efficacy shown, the analyst tells investors in a research note. Truist adds that it believes that the strong safety profile with a convenient daily oral dosing adds to the differentiated profile for the drug.
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