Anticipated Data Updates and Underappreciated Catalysts Drive Buy Rating for Terns PharmaceuticalsColor from TERN mgmt at our fireside chat - we think obesity and CML data updates in early 4Q/4Q respectively are underappreciated catalysts We hosted a fireside chat with TERN mgmt (Amy Burroughs, CEO, Emil Kuriakose, CMO, and Andrew Gengos, CFO) ahead of two major readouts for TERN later this year - Ph2 topdata for TERN-601 (oral GLP-1) in obesity in early 4Q, and a data update from the Ph1 trial of TERN-701 (allosteric BCR-ABL) in chronic myeloid leukemia (CML) in 4Q. We think CML is a key focus for the stock as the company's main focus going forward (looking to partner in obesity).