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

We recently published 10 Stocks Delivering Explosive 18-190% Gains. Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is one of the last week’s heavy gainers.

Terns Pharmaceuticals soared by 53 percent in just the past five trading days of the week, primarily buoyed by encouraging results from its therapy candidate for chronic myeloid leukemia (CML).

In an updated report earlier in the week, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) said that its therapy candidate TERN-701 recorded a 64 percent improvement in the conditions of 63 enrolled patients after taking the pill for 24 weeks.

Additionally, it saw a 74 percent major molecular response rate at higher doses of 320 mg.

Of the total enrollees, 55 patients remained on treatment, with four dropping 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 higher price target of $58 from investment firm Oppenheimer, alongside an “outperform” rating for its stock.

According to Oppenheimer, the encouraging results support TERN-701’s potential as a “best-in-class” therapy in the CML market.

In other news, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) successfully raised $747.5 million in fresh funds from the issuance of more than 18.68 million shares to the public.

The total included the underwriters’ full exercise of their overallotment option covering 2.4 million shares at the offer price of $40 apiece.

The company said part of the proceeds will be allocated for the development, manufacturing, preparation, and future commercial launch of TERN-701, while the balance will be used for working capital and other general corporate purposes.

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