Terns falls as phase 2 data on oral GLP-1 obesity asset disappoints

[A red arrow, probably from a computer chart, pointing down.]
mattjeacock

* Terns Pharmaceuticals (NASDAQ:TERN [https://seekingalpha.com/symbol/TERN]) is down ~14% in after-hours trading Tuesday after saying it would abandon its oral GLP-1 receptor agonist for weight loss, TERN-601, due to disappointing phase 2 results.
* Topline 12-week data found [https://seekingalpha.com/pr/20274400-terns-pharmaceuticals-reports-topline-12-week-data-from-its-phase-2-trial-evaluating-oral] a maximum placebo-adjusted weight loss of 4.6% as well as a 12% treatment discontinuation rate.
* Also, three patients reported grade three liver enzyme elevations during post-treatment follow-up. Two were determined to be drug related.
* Terns will now focus on its phase 1 candidate TERN-701 for chronic myeloid leukemia. New data is expected this quarter.

MORE ON TERNS PHARMACEUTICALS

* Terns Pharmaceuticals: Valued As If It Can't Win [https://seekingalpha.com/article/4826835-terns-pharmaceuticals-valued-as-if-it-cannot-win]
* Terns Pharmaceuticals, Inc. (TERN) Presents At Morgan Stanley 23rd Annual Global Healthcare Conference Transcript [https://seekingalpha.com/article/4821566-terns-pharmaceuticals-inc-tern-presents-at-morgan-stanley-23rd-annual-global-healthcare]
* Terns Pharmaceuticals, Inc. - TERN-701 Investor Educational Webinar Transcript [https://seekingalpha.com/article/4819239-terns-pharmaceuticals-inc-special-call]
* Seeking Alpha’s Quant Rating on Terns Pharmaceuticals [https://seekingalpha.com/symbol/TERN/ratings/quant-ratings]
* Historical earnings data for Terns Pharmaceuticals [https://seekingalpha.com/symbol/TERN/earnings]