Terns Pharmaceuticals (TERN) PT Lowered to $15 at Citizens After TERN-601 Development Stopped

Citizens analyst Silvan Tuerkcan lowered the price target on Terns Pharmaceuticals (NASDAQ: TERN) to $15.00 (from $20.00) while maintaining a Market Outperform rating.

The analyst commented, "Unfortunately, Terns Pharmaceuticals' TERN-601 did not meet the criteria to become a competitive oral program in obesity based on the lower-than-anticipated weight loss and side effect profile. We view it as a positive that TERN management reacted promptly and stopped further development. We remove TERN-601 from our model, lowering the DCF-derived price target to $15 from $20. We look forward to upcoming FALCON data (likely ASH - abstracts Nov. 3), where we really like TERN's positioning and clinical program in CML."

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