Summary • <a data-code="TERN" data-position="stock.2" data-marketid="185" data-stockname="Terns" data-type="stock" href="#*f:TERN:sc*#">Terns</a> Pharmaceuticals (TERN) surges 11.7% intraday, hitting a 52-week high of $25.36 • Phase 1 CML data from TERN-701 shows 75% cumulative MMR rate by 24 weeks, with 100% MMR durability • ASH 2025 oral presentation on December 8 to feature expanded CARDINAL trial data • Cash reserves of $295.6M expected to fund operations into 2028TERN’s explosive 11.7% rally reflects investor optimism over unprecedented CML trial results and the upcoming ASH presentation. The stock’s intraday high of $25.36 matches its 52-week peak, driven by robust Phase 1 data for TERN-701 and a strategic pivot to oncology. With $295.6M in cash and a clear path to 2028, TERN’s <a data-code="MMTUSDT" data-position="stock.3" data-marketid="UBAX" data-stockname="Momentum" data-coinbase="MMT" data-type="crypto" href="#*f:MMTUSDT:sc*#">momentum</a> underscores the market’s appetite for breakthrough therapies in hematologic malignancies. <visualization dataUrl="https://cdn.ainvest.com/news/visual/visual_components/viz_jjokh08w.json"></visualization> Breakthrough CML Data Ignites TERN's 11.7% Surge TERN’s 11.7% intraday surge is directly tied to the release of Phase 1 CARDINAL trial data for TERN-701, which demonstrated a 75% cumulative major molecular response (MMR) rate by 24 weeks in relapsed/refractory CML patients. The 100% MMR durability at data cutoff, coupled with a favorable safety profile, has repositioned TERN-701 as a potential best-in-disease therapy. The upcoming ASH 2025 oral presentation on December 8, featuring expanded dataset and a live conference call, has further amplified investor enthusiasm. Management’s emphasis on TERN-701’s differentiation in difficult-to-treat patient subgroups—69% MMR in TKI-resistant cases—has validated the program’s clinical and commercial potential.Biotech Sector Rally: TERN Outpaces Novartis as CML Data Drives Momentum The broader biotech sector, led by Novartis (NVS) with a 1.34% intraday gain, has seen mixed performance. However, TERN’s 11.7% surge far outpaces sector peers, reflecting the unique catalyst of its CML trial data. While NVS benefits from general biotech optimism, TERN’s rally is fueled by specific clinical milestones and a clear path to ASH 2025 visibility. The sector’s focus on oncology innovation aligns with TERN’s strategic pivot, but no direct correlation exists between TERN’s performance and broader sector trends.Options Playbook: Leverage TERN’s Bullish Momentum with High-Gamma Contracts • MACD: 3.54 (above signal line 2.60), RSI: 94.75 (overbought), Bollinger Bands: Price at $25.2 (near upper band $25.13) • 200D MA: $5.67 (far below current price), 30D MA: $11.80 (support zone at $8.40–$8.70)TERN’s technicals scream short-term bullish momentum, with RSI in overbought territory and MACD divergence suggesting continuation. Key resistance lies at the 52-week high of $25.36, while support is near the 30D MA at $11.80. The ASH 2025 presentation on December 8 is a critical catalyst to watch. For leveraged exposure, consider bold><ETFs</bold> like XLK (XLF) if biotech ETFs are available, though no direct ETFs are listed here.Top Options Contracts: 1. TERN20251121C25 (Call, $25 strike, Nov 21 expiry): • IV: 140.24% (high volatility) • Delta: 0.586 (moderate sensitivity) • Theta: -0.271 (rapid time decay) • Gamma: 0.0929 (high sensitivity to price swings) • Turnover: 3,873 (liquid) • Leverage Ratio: 13.10% (moderate) • Payoff at 5% Upside ($26.46): $1.46 per contract • Why: High gamma and IV make this ideal for short-term volatility plays ahead of ASH.2. TERN20251219C25 (Call, $25 strike, Dec 19 expiry): • IV: 128.68% (elevated) • Delta: 0.602 (strong directional bias) • Theta: -0.0718 (slower decay) • Gamma: 0.0390 (moderate sensitivity) • Turnover: 118,076 (extremely liquid) • Leverage Ratio: 6.08% (balanced) • Payoff at 5% Upside ($26.46): $1.46 per contract • Why: High liquidity and moderate gamma position this as a core holding for ASH-driven rallies.Action: Aggressive bulls may consider TERN20251121C25 for a short-term volatility play, while TERN20251219C25 offers a balanced approach for ASH event-driven momentum. <visualization data="&quot;&quot;"></visualization> Backtest Terns Stock Performance Below is the event‐backtest report you requested. Key take-aways: • From 2022-01-01 to 2025-11-17 we detected 26 sessions in which <a data-code="TERN" data-position="stock.1" data-marketid="185" data-stockname="Terns" data-type="stock" href="#*f:TERN:sc*#">TERN</a>.O posted an intraday gain of ≥ 12 %. • Over the subsequent 30 trading days the average cumulative excess return versus the benchmark was small and statistically insignificant at every evaluated horizon. • Win-rate fluctuated around 55 – 60 %, implying no clear edge from chasing this specific price spike pattern. Please explore the interactive module for full details.You can interact with the visualization to inspect event-aligned return curves, win-rate by holding period, and other diagnostics.<visualization data="{&quot;components&quot;: [{&quot;show_type&quot;: &quot;jgyNewLowcode&quot;, &quot;data&quot;: {&quot;datas&quot;: [{&quot;backtest_result&quot;: &quot;https://cdn.ainvest.com/backtest/agent/session/784562/1801769c-7b6d-4ddc-99ab-957ec63b3821/eed84c05-8d64-4e02-9d63-4f956a413122/TERN_O_12pct_surge_backtest_result.json&quot;, &quot;Backtest Object&quot;: &quot;TERN.O&quot;, &quot;Backtest Event&quot;: &quot;12% intraday surge&quot;, &quot;Backtest Period&quot;: &quot;2022.01.01 - 2025.11.17&quot;}]}, &quot;config&quot;: {&quot;type&quot;: &quot;iwencai/stockBackTesting&quot;, &quot;version&quot;: &quot;0.0.2&quot;, &quot;url&quot;: &quot;https://cdn.ainvest.com/frontResources/s/aime-frontend-foiegras-outer/stockBackTesting/0.0.2/stockBackTesting@0.0.2index.js&quot;}, &quot;uuid&quot;: &quot;1763402037497&quot;}], &quot;page&quot;: {&quot;layout&quot;: {&quot;layout_data&quot;: &quot;[{\&quot;uuid\&quot;: \&quot;1763402037497\&quot;, \&quot;show_type\&quot;: \&quot;jgyNewLowcode\&quot;}]&quot;, &quot;layout_mode&quot;: &quot;grid&quot;}}}"></visualization>TERN’s ASH 2025 Presentation: The Next Catalyst to Define 2026 TERN’s 11.7% surge is a clear signal of market confidence in its CML pipeline and ASH 2025 visibility. With $295.6M in cash and a 2028 runway, the company is positioned to capitalize on its best-in-disease profile for TERN-701. Investors should monitor the December 8 ASH presentation and the subsequent conference call for data validation. The sector leader, Novartis (NVS), gained 1.34% today, but TERN’s momentum is driven by unique catalysts. Act now: Hold TERN for ASH-driven upside or use high-gamma options like TERN20251219C25 to leverage the rally. Watch for a breakdown below $22.63 (intraday low) as a bearish signal.<img data-src="https://cdn.ainvest.com/aigc/hxcmp/images/compress-qwen_generated_1763402142070.jpg.png" style="max-width:100%;">

Momentum

AInvest

Terns

Theta Network

Terns Pharmaceuticals (TERN) Surges 11.7% on Breakthrough CML Data and ASH Presentation Hype

Summary • <a data-code="TERN" data-position="stock.2" data-marketid="185" data-stockname="Terns" data-type="stock" href="#*f:TERN:sc*#">Terns</a> Pharmaceuticals (TERN) surges 11.7% intraday, hitting a 52-week high of $25.36 • Phase 1 CML data from TERN-701 shows 75% cumulative MMR rate by 24 weeks, with 100% MMR durability • ASH 2025 oral presentation on December 8 to feature expanded CARDINAL trial data • Cash reserves of $295.6M expected to fund operations into 2028

TERN’s explosive 11.7% rally reflects investor optimism over unprecedented CML trial results and the upcoming ASH presentation. The stock’s intraday high of $25.36 matches its 52-week peak, driven by robust Phase 1 data for TERN-701 and a strategic pivot to oncology. With $295.6M in cash and a clear path to 2028, TERN’s <a data-code="MMTUSDT" data-position="stock.3" data-marketid="UBAX" data-stockname="Momentum" data-coinbase="MMT" data-type="crypto" href="#*f:MMTUSDT:sc*#">momentum</a> underscores the market’s appetite for breakthrough therapies in hematologic malignancies. <visualization dataUrl="https://cdn.ainvest.com/news/visual/visual_components/viz_jjokh08w.json"></visualization> Breakthrough CML Data Ignites TERN's 11.7% Surge TERN’s 11.7% intraday surge is directly tied to the release of Phase 1 CARDINAL trial data for TERN-701, which demonstrated a 75% cumulative major molecular response (MMR) rate by 24 weeks in relapsed/refractory CML patients. The 100% MMR durability at data cutoff, coupled with a favorable safety profile, has repositioned TERN-701 as a potential best-in-disease therapy. The upcoming ASH 2025 oral presentation on December 8, featuring expanded dataset and a live conference call, has further amplified investor enthusiasm. Management’s emphasis on TERN-701’s differentiation in difficult-to-treat patient subgroups—69% MMR in TKI-resistant cases—has validated the program’s clinical and commercial potential.

Biotech Sector Rally: TERN Outpaces Novartis as CML Data Drives Momentum The broader biotech sector, led by Novartis (NVS) with a 1.34% intraday gain, has seen mixed performance. However, TERN’s 11.7% surge far outpaces sector peers, reflecting the unique catalyst of its CML trial data. While NVS benefits from general biotech optimism, TERN’s rally is fueled by specific clinical milestones and a clear path to ASH 2025 visibility. The sector’s focus on oncology innovation aligns with TERN’s strategic pivot, but no direct correlation exists between TERN’s performance and broader sector trends.

Options Playbook: Leverage TERN’s Bullish Momentum with High-Gamma Contracts • MACD: 3.54 (above signal line 2.60), RSI: 94.75 (overbought), Bollinger Bands: Price at $25.2 (near upper band $25.13) • 200D MA: $5.67 (far below current price), 30D MA: $11.80 (support zone at $8.40–$8.70)

TERN’s technicals scream short-term bullish momentum, with RSI in overbought territory and MACD divergence suggesting continuation. Key resistance lies at the 52-week high of $25.36, while support is near the 30D MA at $11.80. The ASH 2025 presentation on December 8 is a critical catalyst to watch. For leveraged exposure, consider bold><ETFs</bold> like XLK (XLF) if biotech ETFs are available, though no direct ETFs are listed here.

Top Options Contracts: 1. TERN20251121C25 (Call, $25 strike, Nov 21 expiry): • IV: 140.24% (high volatility) • Delta: 0.586 (moderate sensitivity) • Theta: -0.271 (rapid time decay) • Gamma: 0.0929 (high sensitivity to price swings) • Turnover: 3,873 (liquid) • Leverage Ratio: 13.10% (moderate) • Payoff at 5% Upside ($26.46): $1.46 per contract • Why: High gamma and IV make this ideal for short-term volatility plays ahead of ASH.

2. TERN20251219C25 (Call, $25 strike, Dec 19 expiry): • IV: 128.68% (elevated) • Delta: 0.602 (strong directional bias) • Theta: -0.0718 (slower decay) • Gamma: 0.0390 (moderate sensitivity) • Turnover: 118,076 (extremely liquid) • Leverage Ratio: 6.08% (balanced) • Payoff at 5% Upside ($26.46): $1.46 per contract • Why: High liquidity and moderate gamma position this as a core holding for ASH-driven rallies.

Action: Aggressive bulls may consider TERN20251121C25 for a short-term volatility play, while TERN20251219C25 offers a balanced approach for ASH event-driven momentum. <visualization data="&quot;&quot;"></visualization> Backtest Terns Stock Performance Below is the event‐backtest report you requested. Key take-aways: • From 2022-01-01 to 2025-11-17 we detected 26 sessions in which <a data-code="TERN" data-position="stock.1" data-marketid="185" data-stockname="Terns" data-type="stock" href="#*f:TERN:sc*#">TERN</a>.O posted an intraday gain of ≥ 12 %. • Over the subsequent 30 trading days the average cumulative excess return versus the benchmark was small and statistically insignificant at every evaluated horizon. • Win-rate fluctuated around 55 – 60 %, implying no clear edge from chasing this specific price spike pattern. Please explore the interactive module for full details.You can interact with the visualization to inspect event-aligned return curves, win-rate by holding period, and other diagnostics.<visualization data="{&quot;components&quot;: [{&quot;show_type&quot;: &quot;jgyNewLowcode&quot;, &quot;data&quot;: {&quot;datas&quot;: [{&quot;backtest_result&quot;: &quot;https://cdn.ainvest.com/backtest/agent/session/784562/1801769c-7b6d-4ddc-99ab-957ec63b3821/eed84c05-8d64-4e02-9d63-4f956a413122/TERN_O_12pct_surge_backtest_result.json&quot;, &quot;Backtest Object&quot;: &quot;TERN.O&quot;, &quot;Backtest Event&quot;: &quot;12% intraday surge&quot;, &quot;Backtest Period&quot;: &quot;2022.01.01 - 2025.11.17&quot;}]}, &quot;config&quot;: {&quot;type&quot;: &quot;iwencai/stockBackTesting&quot;, &quot;version&quot;: &quot;0.0.2&quot;, &quot;url&quot;: &quot;https://cdn.ainvest.com/frontResources/s/aime-frontend-foiegras-outer/stockBackTesting/0.0.2/stockBackTesting@0.0.2index.js&quot;}, &quot;uuid&quot;: &quot;1763402037497&quot;}], &quot;page&quot;: {&quot;layout&quot;: {&quot;layout_data&quot;: &quot;[{\&quot;uuid\&quot;: \&quot;1763402037497\&quot;, \&quot;show_type\&quot;: \&quot;jgyNewLowcode\&quot;}]&quot;, &quot;layout_mode&quot;: &quot;grid&quot;}}}"></visualization>

TERN’s ASH 2025 Presentation: The Next Catalyst to Define 2026 TERN’s 11.7% surge is a clear signal of market confidence in its CML pipeline and ASH 2025 visibility. With $295.6M in cash and a 2028 runway, the company is positioned to capitalize on its best-in-disease profile for TERN-701. Investors should monitor the December 8 ASH presentation and the subsequent conference call for data validation. The sector leader, Novartis (NVS), gained 1.34% today, but TERN’s momentum is driven by unique catalysts. Act now: Hold TERN for ASH-driven upside or use high-gamma options like TERN20251219C25 to leverage the rally. Watch for a breakdown below $22.63 (intraday low) as a bearish signal.<img data-src="https://cdn.ainvest.com/aigc/hxcmp/images/compress-qwen_generated_1763402142070.jpg.png" style="max-width:100%;">