Terns Pharmaceuticals, Inc. (TERN) saw its stock surge 6.99% in a 24-hour period, driven by a series of positive analyst actions that have bolstered investor confidence. The biotech company's shares experienced a significant uptick as Wall Street analysts reaffirmed their bullish stance on the stock.

TD Cowen analyst Ritu Baral maintained a Buy rating on Terns Pharmaceuticals, citing promising clinical results and a strong financial position as key factors supporting the positive outlook. This vote of confidence from a respected analyst has likely contributed to the increased investor interest in TERN stock.

Adding to the optimism, Mizuho reiterated its Outperform rating on Terns Pharmaceuticals and raised its target price from $32 to $33. This upward revision in the price target suggests that Mizuho sees potential for further growth in TERN's stock price. The combination of maintained positive ratings and an increased price target often serves as a catalyst for stock price appreciation, as investors interpret these actions as strong indicators of a company's future prospects.

As the market digests this wave of positive analyst sentiment, Terns Pharmaceuticals' stock has responded with a robust rally. The significant gains reflect growing investor confidence in the company's potential, particularly in light of its promising drug development pipeline and the favorable views expressed by industry analysts.