Enliven Therapeutics Inc. (NASDAQ:ELVN) is one of the 10 Stocks Investors Are Buying Now.
Enliven Therapeutics soared to a new five-year high on Wednesday, as investors took heart from two analysts’ optimistic coverage for the stock, with one raising its price target by 9.7 percent.
In intra-day trading, the stock climbed to a record high of $36.65 before paring gains to finish the session just up by 14.06 percent at $35.53 apiece.
Photo by Pietro Jeng on Pexels
In a market note, Mizuho raised its price target for Enliven Therapeutics Inc. to $45 from $41 previously, while maintaining an “outperform” rating. The new price marked a 27 percent upside potential from its latest closing price.
Meanwhile, Clear Street reiterated its “buy” recommendation and $36 price target, a mere 1.3 percent upside, but reflected optimism for the $9 billion chronic myeloid leukemia (CML) therapy market.
The rally was further fueled by Merck’s acquisition of Enliven’s competitor, Terns Pharmaceuticals, for $6.7 billion, suggesting the former’s strong opportunity in the CML market.
For its part, Enliven Therapeutics Inc. is underway with the early clinical study of its own CML treatment candidate called ELVN-001, with the third phase targeted for this year.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
