Terns Pharma extends rally after promising obesity drug study

Terns Pharmaceuticals

10/09/2024 19:29

** Shares of Terns Pharmaceuticals  TERN.O  up 24.2% to
$11.33, highest level since Jun 2023, a day after co's obesity
drug showed promise
    ** TERN's shares on Mon finished up nearly 17% after co said
its oral drug, TERM-601, reduced weight by an avg of 4.9% in
early-stage study
    ** After the bell Mon, TERN commenced $125 mln stock
offering to fund research, clinical trials and development of
its leading product candidates, including TERN-601
    ** Jefferies and TD Cowen lead bookrunners for offering,
joined by UBS
    ** TERN has ~70.3 mln shares outstanding for roughly $800
mln current market cap, and ~61.8 mln shares of public float,
per LSEG
    ** With move on the session, shares up 75% YTD and have more
than doubled over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))