Promising Outlook for TERN-701 in CML Market: Buy Rating Affirmed by Analyst
William Blair analyst Andy Hsieh has affirmed a Buy rating on Terns Pharmaceuticals' stock, citing the potential of TERN-701 in the chronic myeloid leukemia (CML) market. The positive outlook is supported by the success of competitor Novartis' Scemblix and promising interim data from the Phase I CARDINAL study. Truist Financial also reiterated a Buy rating with a $35.00 price target.
William Blair analyst Andy Hsieh has maintained their bullish stance on TERN stock, giving a Buy rating yesterday.
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Andy Hsieh has given his Buy rating due to a combination of factors that highlight the potential of Terns Pharmaceuticals’ TERN-701 in the chronic myeloid leukemia (CML) market. The recent increase in peak sales guidance for Novartis’ Scemblix, a competitor in the same space, suggests a positive outlook for TERN-701. With Scemblix achieving significant market share and robust sales growth, there is a strong indication that TERN-701 could effectively compete and potentially disrupt Scemblix’s dominance.
Furthermore, the upcoming presentation of interim data from the Phase I CARDINAL study at the American Society of Hematology meeting is anticipated to provide further evidence of TERN-701’s efficacy. The initial results have already exceeded expectations, suggesting that TERN-701 could challenge the current market leader in both treatment-naïve and relapsed/refractory CML populations. These factors collectively support the Buy rating, as TERN-701 shows promise in reshaping the CML treatment landscape.
In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $35.00 price target.
