Why Shares of Terns Pharmaceuticals Soared This Week
Shares of Terns Pharmaceuticals (NASDAQ: TERN) were up 30.7% for the week Thursday afternoon after being up as much as 37.2% for the week, according to data provided by S&P Global Market Intelligence. The healthcare stock closed at $8.92 last week and rose to as high as $12.42 on Wednesday, its 52-week high.
The clinical-stage biopharmaceutical company released its fourth-quarter and full-year earnings on Monday. The company doesn't have any marketed products yet and has no revenue, but it has strengthened its cash position to $283.1 million, enough, it says, to fund operations into 2026.
The company focuses on therapies to treat various oncology targets, obesity, and non-alcoholic steatohepatitis (NASH), an inflammatory disease of the liver that is the second-leading cause of liver transplantation. The company's lead NASH therapy is TERN-501 and the company said in its earnings release that it expects data from its phase 2a trial to treat NASH midway through this year. The company also has TERN-601 and its TERN-801 series, both obesity drugs in the preclinical stage, as well as TERN-701, which is in a phase 1 trial to treat chronic myeloid leukemia.
Source Fool.com
