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Investing.com - BTIG has reiterated its Buy rating and $45.00 price target on Enliven Therapeutics (NASDAQ:ELVN), citing the company’s promising cancer treatment ELVN-001. The target represents significant upside potential from the current price of $19.98, with analyst targets ranging from $33 to $52.
The research firm highlighted ELVN-001 as a well-designed, next-generation tyrosine kinase inhibitor (TKI) showing differentiated efficacy and safety in the $9 billion total addressable market for chronic myeloid leukemia (CML). With a market capitalization of $1.18 billion and a strong balance sheet, InvestingPro data shows the company maintains more cash than debt, positioning it well for market expansion.
According to BTIG, the latest European Hematology Association (EHA) data for ELVN-001 demonstrated an impressive 24-week major molecular response (MMR) rate of 47% among all patients and 35% among those previously treated with asciminib or ponatinib.
The safety profile continued to appear favorable with low rates of hematological adverse events, discontinuations due to adverse events, and dose reductions or interruptions, BTIG noted.
Enliven aims to start a Phase 3 pivotal trial in the second-line-plus or third-line-plus setting in 2026, and following its June fundraising, the company now has cash runway extending into the first half of 2029, sufficient to cover pivotal readouts for ELVN-001.
In other recent news, Enliven Therapeutics announced a $200 million public offering, pricing 8,394,737 shares of common stock at $19.66 each. The offering also includes pre-funded warrants for 1,780,263 shares at $19.659 per warrant, with an exercise price of $0.001 per share. H.C. Wainwright raised its price target for Enliven Therapeutics to $48 from $40, maintaining a Buy rating following positive results from the Phase 1a/1b ENABLE trial for ELVN-001 in chronic myelogenous leukemia patients. TD Cowen reiterated its Buy rating, emphasizing the strong market potential of ELVN-001, which showed promising data at the European Hematology Association meeting. Goldman Sachs initiated coverage with a Buy rating and a $37 price target, highlighting the consistent efficacy of ELVN-001, with a 47% overall cumulative major molecular response rate by 24 weeks. These developments underscore the growing interest and confidence in Enliven Therapeutics’ lead drug candidate for chronic myeloid leukemia.
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