Terns Pharmaceuticals Inc. (TERN) Gains 42 Hedge Fund Holders, Leerink Partners Initiates Coverage with Outperform Rating and $58 Price Target
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TL;DR
Leerink Partners initiated coverage on Terns Pharmaceuticals with an Outperform rating and $58 price target, citing TERN-701's potential in a $4.8 billion leukemia market and promising early trial data.
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TernsTerns PharmaceuticalsTERN-701Leerink Partnersleukemia drugstock coverage
Terns Pharmaceuticals (TERN) is expected to have a $4.8 billion market for its upcoming leukemia drug TERN-701, according to Leerink Partners. The analyst firm initiated coverage on TERN with an Outperform rating and a price target of $58. TERN-701 addresses a market with established targeted therapy adoption and builds upon the clinical and commercial success of Novartis's Scemblix. Early Phase 1 data from the CARDINAL trial suggest TERN-701 may have a best-in-class profile.
