Shares of Terns Pharmaceuticals, Inc. (TERN) are soaring 5.02% in intraday trading, as investors react positively to recent analyst actions. The stock's upward movement comes on the heels of Mizuho reiterating its Outperform rating on the company and raising its target price.

Mizuho, a respected financial services firm, has maintained its Outperform rating on Terns Pharmaceuticals, signaling continued confidence in the company's future prospects. Additionally, the firm has increased its target price for TERN from $32 to $33, suggesting potential upside from current levels.

The combination of a maintained positive rating and an increased price target often serves as a catalyst for stock price appreciation. Investors typically view such actions as a vote of confidence from Wall Street analysts, potentially leading to increased buying interest. As the market digests this information, Terns Pharmaceuticals' stock is experiencing significant gains, reflecting the positive sentiment surrounding the company.