Terns Pharmaceuticals (TERN) Climbs 53% on Stellar Leukemia Treatment Trial

Core Insights - Terns Pharmaceuticals, Inc. (NASDAQ:TERN) experienced a significant stock increase of 53% over the past week, driven by positive results from its therapy candidate for chronic myeloid leukemia (CML) [1][5]. Group 1: Clinical Results - The therapy candidate TERN-701 showed a 64% improvement in the conditions of 63 enrolled patients after 24 weeks of treatment [2]. - A major molecular response rate of 74% was observed at a higher dosage of 320 mg [2]. - Out of the total enrollees, 55 patients continued treatment, while four dropped out due to disease progression [2][3]. Group 2: Market Response - Following the positive clinical results, Terns Pharmaceuticals received a price target increase of 107% to $58 from Oppenheimer, which also assigned an "outperform" rating to the stock [3]. - Oppenheimer highlighted the potential of TERN-701 as a "best-in-class" therapy in the CML market [3]. Group 3: Financial Developments - Terns Pharmaceuticals successfully raised $747.5 million through the issuance of over 18.68 million shares at an offer price of $40 each, including the underwriters' full exercise of their overallotment option covering 2.4 million shares [4][5]. - The funds raised will be allocated for the development and commercial launch of TERN-701, as well as for working capital and other corporate purposes [5].