BMO Capital analyst Etzer Darout raised the firm’s price target on Terns Pharmaceuticals to $26 from $19 and keeps an Outperform rating on the shares. With the obesity data from TERN-601 on September 9th, an oral GLP-1 agonist, the company has delivered on a once-daily and clinically competitive drug profile for two of its three clinical programs, which gives the firm more confidence ahead of Phase 1 CML dose escalation data with TERN-701 n December, the analyst tells investors in a research note. With two partially de-risked clinical programs and another de-risking event upcoming, the firm remains positive on the stock’s risk-reward, BMO added.
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