FOSTER CITY, CA—Kuriakose Emil, the Chief Medical (TASE:PMCN) Officer of Terns Pharmaceuticals, Inc. (NASDAQ:TERN), recently sold shares of the company's common stock valued at approximately $25,607. This transaction, dated January 2, 2025, involved the sale of 4,481 shares at an average price of $5.7146 per share. The $485 million market cap company currently trades near InvestingPro's Fair Value estimate, with analysts setting price targets ranging from $7.50 to $34.
These shares were sold to cover taxes associated with the vesting of a restricted stock unit award previously granted to Emil. As noted in the filing, the sale does not represent a discretionary trade by the executive. Following this transaction, Emil retains ownership of 54,269 shares in the company. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 33x, though it's currently experiencing rapid cash burn. Discover 8 more key insights about TERN with an InvestingPro subscription.
In other recent news, Terns Pharmaceuticals has made significant strides in the development and testing of its two lead assets, TERN-701 and TERN-601. TERN-701, designed to treat Chronic Myeloid Leukemia (CML), has shown potential advantages in a Phase 1 CARDINAL study, leading Oppenheimer to raise the price target on Terns Pharmaceuticals to $20.00. The promising interim data from the study showed TERN-701's improved tolerability and significant reduction of BCR-ABL1 transcripts in patients with high resistance to current treatments.
In addition, Terns Pharmaceuticals reported positive early results from the same study for TERN-701. The study has shown encouraging safety and efficacy outcomes in patients with relapsed or refractory CML, further bolstering expectations for the drug's potential.
Terns Pharmaceuticals also announced the appointment of Heather Turner, former CEO of Carmot Therapeutics, to its Board of Directors. In financial news, the company launched a $125 million stock offering led by Jefferies and TD Cowen to fund the development of key product candidates like TERN-701 and TERN-601.
Analyst firms H.C. Wainwright, Oppenheimer, Mizuho (NYSE:MFG), and Jefferies have adjusted their ratings and price targets for Terns Pharmaceuticals in light of these developments. H.C. Wainwright raised its price target to $7.50, while Oppenheimer initiated coverage with an Outperform rating and a price target of $17.00. Mizuho and Jefferies also increased their price targets, reflecting the promising Phase 1 trial results for TERN-601. These are the recent developments in Terns Pharmaceuticals.
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