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] 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 63 patients, 55 continued treatment, while four dropped out due to disease progression, three due to physician and patient decisions, and one due to adverse effects [2][3] Group 2: Market Response - Following the positive clinical results, investment firm Oppenheimer raised the price target for Terns Pharmaceuticals by 107% to $58, maintaining an "outperform" rating for 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 [4][5] - The funds raised will be allocated for the development, manufacturing, and commercial launch of TERN-701, as well as for working capital and other corporate purposes [5]