BMO Believes Market Undervalues Terns Pharmaceuticals (TERN) Despite Strong Trial Data

Core Insights - Terns Pharmaceuticals Inc. (NASDAQ:TERN) is experiencing significant market interest, with a price target increase from $22 to $30 by BMO Capital Markets, maintaining an Outperform rating [1][2] Company Developments - The market is underestimating the potential of Terns' drug candidate, TERN-701, for chronic myeloid leukemia (CML), supported by promising Phase 1 CARDINAL data [2] - Phase 1 results revealed a 64% molecular response rate by 24 weeks in patients with resistant or relapsed CML, surpassing current treatment options [3] - The company will present further data at the 67th Annual Meeting of the American Society of Hematology (ASH) in December [3] Executive Commentary - CEO Amy Burroughs expressed optimism about the CARDINAL trial data, highlighting TERN-701's potential as a transformative therapy for CML and its broad applicability across treatment lines [4] - The positive results led to a nearly 95% stock price increase between November 3 and 4 [4]