Jefferies raised the firm’s price target on Terns Pharmaceuticals (TERN) to $35 from $28 and keeps a Buy rating on the shares after the company reported 6-month data for TERN-701’s Phase 1 CARDINAL trial in Chronic Myeloid Leukemia in the ASH abstracts. The firm thinks this early dataset looks best-in-class and justifies moving forward in both a first-line and second-line or later setting in Chronic Myeloid Leukemia.
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