Terns Pharmaceuticals (TERN) Surges 7.64% on Strong CML Trial Results, Strategic Oncology Shift

Terns Pharmaceuticals (TERN) surged to its highest level so far this month on Nov. 12, with an intraday gain of 9.99% before closing up 7.64%. The stock has climbed 156.61% over nine consecutive sessions, driven by optimism around its oncology pipeline and strategic refocusing.

The rally follows positive developments in TERN-701, a novel BCR::ABL1 inhibitor for chronic myeloid leukemia (CML). Early Phase 1 data from the CARDINAL trial showed a 75% cumulative major molecular response rate at 24 weeks, including strong efficacy in patients resistant to existing therapies. The company highlighted the drug’s safety profile and plans to present expanded data at the ASH 2025 Annual Meeting in December. Meanwhile, Terns shifted focus to oncology by discontinuing its metabolic disease programs, such as TERN-601, after underwhelming Phase 2 obesity trial results.

With $295.6 million in cash as of Sept. 30, 2025, the firm expects to fund operations through 2028. While R&D costs rose to $19.9 million in Q3, the stock’s momentum reflects confidence in TERN-701’s potential as a best-in-class CML therapy. The ASH presentation and a planned investor call on Dec. 8 will be key inflection points, with outcomes likely to shape near-term valuation. Analysts remain cautious, however, given the company’s reliance on a single asset and the competitive CML landscape.

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