JonesTrading analyst Soumit Roy has maintained their bullish stance on ELVN stock, giving a Buy rating on May 15.
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Soumit Roy has given his Buy rating due to a combination of factors that highlight Enliven Therapeutics’ promising position in the late line chronic myeloid leukemia (CML) market. The company’s ELVN-001 drug has demonstrated superior efficacy and safety compared to existing treatments, with a cumulative major molecular response (MMR) rate of 44%, which is notably higher than other tyrosine kinase inhibitors (TKIs) in the same setting. This positions ELVN-001 favorably against competitors, particularly as it offers a better safety profile.
Despite the competitive nature of the late line CML market, which is valued at over $3 billion, Enliven’s potential for high market penetration is significant. The drug’s performance is expected to be on par with or exceed that of Novartis’ Scemblix, especially as it transitions into Phase 3 trials. The upcoming data presentation at the EHA conference is anticipated to further validate these findings, reinforcing the drug’s potential for widespread adoption and supporting the Buy rating.
In another report released on May 15, H.C. Wainwright also reiterated a Buy rating on the stock with a $40.00 price target.