Mizuho analyst Graig Suvannavejh initiated coverage of Terns Pharmaceuticals with a Buy rating and $16 price target, which the firm notes implies 35% upside. The biotech’s pipeline includes three unique lead assets: TERN-501 for NASH; TERN-601 for obesity; and TERN-701 for chronic myeloid leukemia, or CML. Mizuho calls ‘501 Terns’ “most de-risked asset” and the main driver of valuation, ‘601 its “hottest asset” given investors’ current interest in anything obesity-related, and ‘701 possibly its “most underappreciated asset.”
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