Tempus AI Inc. (NASDAQ:TEM) stock is trading higher Thursday, extending gains from the previous session.
BTIG maintained a Buy rating on Tempus AI on Thursday and raised its price forecast to $80.
Investors are also linking a major cancer trial milestone to Tempus AI’s pending $1.5 billion acquisition of Personalis Inc. Nasdaq futures are down 0.54%, while S&P 500 futures have slipped 0.33%.
Clinical Trial Milestone
Merck & Co. Inc. (NYSE:MRK) and Moderna Inc. (NASDAQ:MRNA) released Phase 3 trial results Wednesday for the INTerpath-001 study.
The trial evaluated intismeran autogene, a customized mRNA-based individualized neoantigen therapy, in combination with Keytruda.
The combination significantly improved recurrence-free survival in patients with resected melanoma. The results marked the first successful Phase 3 readout for a customized mRNA-based cancer treatment.
The Personalis Connection
Moderna uses Personalis’ sequencing platform to analyze tumor tissue and identify specific neoantigens needed to manufacture individualized doses.
That connection puts the trial results in focus for Tempus AI. The company previously partnered with Personalis to commercialize minimal residual disease tests and agreed last month to acquire Personalis for $1.5 billion.
Tempus AI Technical Analysis
At $62, Tempus AI is trading 26.6% above its 20-day simple moving average of $48.81 and 19.2% above its 50-day SMA of $51.84. The stock is also 8.5% above its 200-day SMA of $56.97.
However, the broader technical picture remains mixed. The 50-day SMA remains below the 200-day SMA following a death cross in January. The 20-day SMA also remains below the 50-day SMA.
Traders may watch $63 as near-term resistance. Meanwhile, $61.50 could serve as initial support if the premarket gains fade.
TEM Stock Price Activity: Tempus AI shares were up 1.22% at $62 in Thursday premarket trading, according to Benzinga Pro data.
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