Terns Pharmaceuticals (TERN) Soars to New Record High of $26.12
We recently published 10 Firms Shining Bright in a Bleeding Market. Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is one of the best-performing stocks on Monday.
Terns Pharmaceuticals rallied to a new record high on Monday, as investors gobbled up shares following its participation in a global healthcare conference.
At intra-day trading, the stock soared to its highest price of $26.12 before trimming gains to end the day just up by 13.30 percent at $25.56 apiece.
Over the weekend, members of Terns Pharmaceuticals, Inc.’s (NASDAQ:TERN) senior management presented updates and outlook about the company’s pipeline progress at the recently concluded first day session of the Jefferies Global Healthcare Conference in London.
One of its key pipelines is the TERN-701, a novel investigational candidate for the treatment of chronic myeloid leukemia.
In its ongoing phase 1 trial, the company reported an overall major molecular response rate (MMR) of 75 percent by week 24. Of the the total, 64 percent achieved MMR and 100 percent maintained MMR.
Additionally, the treatment showed encouraging safety and tolerability profile across all tested doses.
In other recent developments, Terns Pharmaceuticals, Inc. (NASDAQ:TERN) announced the results of its third quarter earnings performance, where it widened its net loss by 12 percent to $24.6 million from $21.9 million in the same period last year.
Loss from operations also grew by 11.2 percent to $27.7 million from $24.9 million year-on-year.
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Disclosure: None. This article is originally published at Insider Monkey.
