Jim Cramer Highlights Massive Gains for Terns Pharmaceuticals Shareholders

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is one of the stocks Jim Cramer was asked about. Inquiring about the stock, a caller mentioned that they purchased it at approximately $5, and it declined to $2 before surging to around $48 on Friday and then pulling back slightly. Cramer commented:

“Man, you just, you know, right now, the lottery is at $1.2 billion. You have won the lottery. You do not need to win it again. Here’s the sound. It tells you everything [kaching-kaching].”

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

Terns Pharmaceuticals, Inc. (NASDAQ:TERN) develops small-molecule therapies for cancer and obesity, including TERN-701 for chronic myeloid leukemia, TERN-501 for metabolic liver disease, and oral obesity treatments through its TERN-601 and TERN-800 programs. On December 8, the company announced positive results for TERN-701. The CEO of the company, Amy Burroughs, said that Phase 1 data for TERN-701 showed a 64% major molecular response rate. The therapy achieved a 75% response rate at doses of 320 mg and above over 24 weeks, which supports 320 mg and 500 mg QD (quaque die: Latin for “once daily”) as the recommended Phase 2 doses. Emil Kuriakose, MD, chief medical officer of Terns, said:

“We are particularly encouraged to see unprecedented rates of MMR in a highly refractory population, including compelling response achievement in patients with lack of efficacy on prior asciminib, ponatinib, and/or other marketed and investigational TKIs. In the RP2D dose range, we see a 36% DMR achievement rate by 24 weeks, highlighting the fast response kinetics of TERN-701. Importantly, with a median treatment duration of six months, we continue to see a favorable safety and tolerability profile at all doses, further positioning TERN-701 as the potential best-in-disease therapy in 2L+ and 1L CML, where we intend to focus pivotal clinical development.”

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Disclosure: None. This article is originally published at Insider Monkey.