William Blair Reiterates a Buy on Terns Pharmaceuticals (TERN)

​Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is one of the Hottest Small Cap Stocks to Buy Now. On November 11, Andy Hsieh from William Blair reiterated a Buy rating on Terns Pharmaceuticals, Inc. (NASDAQ:TERN) without disclosing any price targets.

​The rating follows the company’s fiscal third-quarter results announced on November 10. The company reported positive momentum for its CARDINAL program for its TERN-701, which is in Phase 1 trial for treating chronic myeloid leukemia. Earlier in November, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) released an abstract with updated data from the ongoing Phase 1 CARDINAL trial, which showed encouraging results suggesting TERN-701 can become a best-in-disease treatment.

​Andy Hsieh of William Blair noted the initial results from the study suggest that TERN-701 has the potential to impact the chronic myeloid leukemia treatment market. Hsieh believes the drug can challenge the current market leaders, including Scemblix, for both treatment-naive and relapsed populations. Moreover, the analyst also likes the company’s financial position with $295 million in cash, expected to fund operations into 2028.

​Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is a clinical-stage biopharmaceutical company developing small-molecule product candidates to treat serious diseases, including cancer and obesity.

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Disclosure: None. This article is originally published at Insider Monkey.