Barclays initiated coverage of Terns Pharmaceuticals (TERN) with an Overweight rating and $15 price target The company's lead asset TERN-701 is a third-generation allosteric inhibitor of BCR-ABL that's being developed in chronic myeloid leukemia, and the firm believes that TERN-701 has a differentiated profile from first- and second-generation BCR-ABL inhibitors and the current standard of care third-generation allosteric inhibitor, Scemblix, the analyst tells investors in a research note. Terns is also developing TERN-601, an oral GLP-1 agonist, in patients with obesity, the firm states, adding that despite having a lead asset with a clinically validated mechanism and $1B or more revenue potential, shares trade at a sharp discount.