JonesTrading analyst Soumit Roy has maintained their bullish stance on ELVN stock, giving a Buy rating yesterday.
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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 treatment of Chronic Myeloid Leukemia (CML). The recent data from Terns Pharma’s Phase 1 trial with TERN-701 has shown a high cumulative major molecular response (MMR) rate at 24 weeks, which positions it favorably against competitors like Scemblix. Although TERN-701 targets a different binding pocket than Enliven’s ELVN-001, the efficacy and safety profile of TERN-701 suggests a strong potential for market share, which indirectly benefits Enliven by validating the therapeutic approach of targeting the ATP-binding pocket.
Furthermore, the differentiation in patient populations between Terns Pharma and Enliven’s trials is crucial. Enliven’s focus on patients who are resistant to both Scemblix and Gleevec indicates a strategic positioning in later lines of treatment, where ELVN-001 could potentially excel as a best-in-class ATP-binding pocket inhibitor. This strategic differentiation, coupled with the promising data from Terns Pharma, supports the optimistic outlook for Enliven Therapeutics and justifies the Buy rating.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $41.00 price target.