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

We recently published 10 Stocks Standing Tall Amid Market Fall; 6 Hit Record Highs. Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is one of the best performers on Monday.

Terns soared to a new all-time high on Monday as investors took heart from the encouraging results of its clinical trial to test the efficacy of drug candidate, TERN-701, in patients with previously treated chronic myeloid leukemia (CML).

At intra-day trading, the stock climbed to its highest price of $45 before trimming gains to finish the session just up by 37.02 percent at $40.23 apiece.

In an updated report, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) said that its recent clinical trial for TERN-701 recorded a 64 percent major molecular response rate (MMR) in 63 enrolled patients who took the drug candidate for 24 weeks.

Additionally, it also saw a 74 percent MMR at higher doses of 320 mg.

Of the total enrollees, only 55 patients remained on treatment, as four dropped out due to disease progression.

Meanwhile, three stopped due to the physician and patient’s decision, while one stopped after experiencing adverse effects.

Following the results, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) received a 107 percent price target upgrade of $58 from investment firm Oppenheimer, versus the $28 previously. It also maintained its “outperform” rating on the stock.

Oppenheimer said that the company’s update supports a potential “best-in-class profile” for the TERN-701 in the CML market.

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