Wall Street Forecasts 42.31% Upside To Terns Pharmaceuticals, Inc. (TERN)

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is among the 14 best booming stocks to buy right now. On January 8, Truist Financial analyst Srikripa Devarakonda reiterated a Buy rating on the stock with a share price target of $56.

This update is a reaffirmation of the firm’s revision on the stock on December 9, when it lifted the price target to $56 from $35 after the company shared encouraging data from the Phase 1 study of TERN-701, its lead program to treat chronic myeloid leukemia (CML).

According to TipRanks, Truist told investors that given the efficacy and safety profile demonstrated in the study, the firm sees immense potential in the drug’s ‘frontline’ use. The results showed a 64% major molecular response rate by 24 weeks.

On the same day, Mizuho Securities also reiterated its Outperform rating on the stock, with a price target of $54. The firm believes TERN-701 is a ‘clear potential best-in-disease treatment’ for CML.

During an interview with CNBC last month, CEO Amy Burroughs said the company aimed to have pivotal trials for the drug by the end of 2026.

Overall, Wall Street has a bullish outlook on the stock with a consensus Strong Buy rating. Terns Pharmaceuticals, Inc. (NASDAQ:TERN)’s shares have surged by over 300% in the past three months, and analysts project a further 42.31% upside, as of the close of January 12, based on the stock’s one-year average share price target of $53.75.

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is a biopharmaceutical company focused on the development of treatments for serious diseases such as cancer and obesity.

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