Following this transaction, Burroughs now owns a total of 19,099 shares directly. This acquisition also includes 3,649 shares obtained through Terns Pharmaceuticals' 2021 Employee Stock Purchase Plan. The company maintains a strong financial position with more cash than debt and an overall "Good" Financial Health score. Discover more insider trading patterns and comprehensive analysis with InvestingPro's detailed research reports, available for 1,400+ US stocks. The company maintains a strong financial position with more cash than debt and an overall "Good" Financial Health score. Discover more insider trading patterns and comprehensive analysis with InvestingPro's detailed research reports, available for 1,400+ US stocks. Following this transaction, Burroughs now owns a total of 19,099 shares directly. This acquisition also includes 3,649 shares obtained through Terns Pharmaceuticals' 2021 Employee Stock Purchase Plan.
In other recent news, Terns Pharmaceuticals has seen positive interim data from its Phase 1 CARDINAL study of TERN-701, a drug under development for the treatment of Chronic Myeloid Leukemia (CML). The promising data has prompted Oppenheimer to raise its price target on Terns Pharmaceuticals to $20.00 from $17.00, maintaining an Outperform rating on the stock. H.C. Wainwright also raised its price target to $7.50, and Jefferies increased its target to $30.00.
The company has also appointed Heather Turner, the former CEO of Carmot Therapeutics, to its Board of Directors. Additionally, Terns Pharmaceuticals has launched a $125 million stock offering, led by Jefferies and TD (TSX:TD) Cowen, intended to fund the development of key product candidates such as TERN-701 and TERN-601.
Moreover, the company is set to initiate a Phase 2 study of TERN-601, an oral treatment designed as a glucagon-like peptide-1 (GLP-1) receptor agonist targeting obesity. The study is scheduled to commence in early second quarter of 2025, with the company anticipating initial data from a 12-week span to be available in the second half of 2025.
These recent developments highlight the company's ongoing commitment to its clinical programs and financial health. The anticipation of the initial data release in the latter half of 2025 will be a critical moment for the company and could potentially influence future ratings and price targets.
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