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On Friday, BTIG analyst Justin Zelin updated the firm’s outlook on Enliven Therapeutics (NASDAQ:ELVN), increasing the price target from $42.00 to $45.00 while reaffirming a Buy rating on the stock. The adjustment follows a review of the company’s first-quarter 2025 earnings and promising Phase I data for ELVN-001, which was recently published in the European Hematology Association (EHA) abstracts. According to InvestingPro data, analyst consensus remains strongly bullish, with targets ranging from $33 to $42, suggesting potential upside from current levels around $17.09.
Zelin highlighted anticipation for further data to be presented at the upcoming EHA conference scheduled for June 13, 2025. Enliven Therapeutics plans to host an investor call on the same day to discuss these updates. The company also announced a strategic shift to focus primarily on ELVN-001 and its forthcoming pivotal trial. As part of this refocusing, Enliven will seek strategic alternatives for its HER2 TKI program, ELVN-002, and will not continue its development beyond 2025. InvestingPro analysis indicates the company maintains robust financial health with an impressive current ratio of 21.06, suggesting strong short-term liquidity to support this strategic transition.
The analyst’s updated model increases the probability of success (PoS) for the ELVN-001 program, raising it from 35% to 50% for the second-line (2L) treatment and from 50% to 70% for the third-line (3L) treatment of chronic myeloid leukemia (CML). Additionally, the financial model has been adjusted to exclude ELVN-002 from future revenue projections in treating HER2+ non-small cell lung cancer (NSCLC), breast cancer, and colorectal cancer (CRC), while also revising operating expense assumptions to reflect the discontinuation of the program.
Enliven Therapeutics reported having cash and cash equivalents totaling $289.6 million, which is projected to fund operations into late 2027. Zelin’s valuation of the company employs a 12% discount cash flow rate (DCR) and a 2% terminal growth rate (TGR), supporting the revised $45 price target. The company’s strategic decisions and the enhanced focus on the promising ELVN-001 therapy appear to underpin BTIG’s optimistic assessment and the raised target. InvestingPro data reveals the company holds more cash than debt on its balance sheet, with liquid assets exceeding short-term obligations - two of several key insights available to Pro subscribers. Get access to over 30 additional financial metrics and exclusive analysis tools with an InvestingPro subscription.
In other recent news, Enliven Therapeutics reported a first-quarter net loss of $0.57 per share, aligning with analyst expectations of a $0.50 loss per share. The company incurred research and development expenses of $24.9 million and selling, general, and administrative expenses of $6.8 million, both slightly exceeding H.C. Wainwright’s estimates. Despite these figures, Enliven ended the quarter with $289.6 million in cash and equivalents, expected to fund operations into late 2027. H.C. Wainwright analyst Robert Burns raised the price target for Enliven Therapeutics to $40, maintaining a Buy rating, reflecting an increase in the terminal growth rate. Additionally, Enliven shared positive results from its ENABLE Phase 1 clinical trial of ELVN-001 for chronic myeloid leukemia, with 44% of evaluable patients achieving a major molecular response by 24 weeks. The safety profile of ELVN-001 was favorable, and the maximum tolerated dose was not reached, suggesting potential for higher dosing. The company is preparing for a possible pivotal trial for ELVN-001 in 2026. These developments highlight Enliven’s ongoing efforts in advancing its clinical pipeline.
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