Terns (TERN) Hits All-Time High on Stellar Leukemia Treatment Results

Core Viewpoint - Terns Pharmaceuticals, Inc. (NASDAQ:TERN) achieved an all-time high stock price following positive clinical trial results for its drug candidate TERN-701, aimed at treating chronic myeloid leukemia (CML) [1][3]. Group 1: Stock Performance - Terns' stock reached a peak price of $45 during intra-day trading, ultimately closing at $40.23, reflecting a 37.02% increase [2]. - The stock received a significant price target upgrade of 107% from Oppenheimer, raising the target from $28 to $58, while maintaining an "outperform" rating [4]. Group 2: Clinical Trial Results - The clinical trial for TERN-701 demonstrated a 64% major molecular response rate (MMR) among 63 enrolled patients after 24 weeks of treatment [3]. - Higher doses of 320 mg resulted in a 74% MMR, indicating a strong efficacy profile for the drug candidate [3]. - Out of the 63 patients, 55 continued treatment, while 8 patients discontinued for various reasons, including disease progression and adverse effects [3][4]. Group 3: Market Implications - The positive trial results suggest a potential "best-in-class profile" for TERN-701 in the CML market, enhancing investor confidence in Terns Pharmaceuticals [4].