BMO Capital notes that on Monday, Roche (RHHBY) announced the proposed acquisition of Carmot Therapeutics for up to $3.1B, focused on the company’s incretin portfolio driving Terns Pharmaceuticals (TERN) shares up given the readthrough to its oral GLP-1. The firm continues to view Terns as a compelling opportunity given its oral GLP-1, TERN-601, ahead of the second half of 2024 Phase 1 data readout. BMO reiterates an Outperform rating on Tern’s stock with a price target of $18 as it believes Terns is well-positioned to participate in obesity market upside.
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