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Investing.com - TD Cowen maintained its buy rating on Enliven Therapeutics (NASDAQ:ELVN) stock in a research note released Friday. The $1.29 billion market cap company, which has received a strong buy consensus from analysts with price targets ranging from $33 to $52, saw its stock praised for the potential of its lead drug candidate ELVN-001 for chronic myeloid leukemia (CML).
The research firm noted that ELVN-001 demonstrated "strong proof-of-concept data" at the European Hematology Association (EHA) meeting, showing a high major molecular response (MMR) rate and a favorable safety profile. These results position the drug to potentially become a standard therapy in the multi-billion dollar CML market. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 21.06, providing ample runway for clinical development.
TD Cowen projects that ELVN-001 will enter pivotal clinical development in 2026, with the drug candidate estimated to reach peak sales of $3 billion if approved. The firm believes Enliven Therapeutics is currently undervalued considering the market potential of ELVN-001.
The drug is designed to improve upon prior tyrosine kinase inhibitors (TKIs) for CML treatment, addressing a market opportunity worth more than $1 billion. TD Cowen identified Enliven as a "top smidcap biotech pick" in its research note.
The firm’s analysis suggests ELVN-001 could advance care in the CML treatment landscape based on its clinical performance to date, though the drug still faces several years of development before potential commercialization. For deeper insights into Enliven’s valuation metrics and additional financial health indicators, investors can access more exclusive analysis on InvestingPro, which features 6 additional ProTips and comprehensive financial data.
In other recent news, Enliven Therapeutics announced a public offering of $200 million in common stock shares and pre-funded warrants. This offering is expected to raise approximately $200 million in gross proceeds, with a 30-day option for underwriters to purchase additional shares. The company plans to use the funds to support its clinical programs, although specific details on the use of proceeds were not disclosed. Goldman Sachs initiated coverage on Enliven Therapeutics with a Buy rating, highlighting positive data from its Phase 1 trial for a chronic myeloid leukemia treatment, ELVN-001. The trial data showed a 47% major molecular response rate by 24 weeks, with a favorable safety profile. Mizuho (NYSE:MFG) Securities raised the price target for Enliven Therapeutics to $41, citing the company’s validated science and market potential in the chronic myeloid leukemia treatment space. The analyst noted the company’s strong data and experienced management team as positive factors. Enliven plans to initiate a Phase 3 trial in 2026, with global peak sales estimated at $1.7 billion by 2035.
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