Terns Pharmaceuticals price target raised to $20 from $15 at JMP Securities

JMP Securities raised the firm’s price target on Terns Pharmaceuticals to $20 from $15 and keeps an Outperform rating on the shares. TERN-601 PoC data showed that weight-loss efficacy in obese or overweight patients is at the upper region of the oral obesity field, and at the highest dose tested, the 4.9% placebo-adjusted weight loss looks very competitive and came in at the upper range of the firm’s expectations, the analyst tells investors in a research note. JMP believes TERN-601 is another viable clinical-stage competitor and that Terns Pharmaceuticals continues to be valued at a discount.