Enliven Therapeutics (ELVN) Soars to 5-Year High as Analysts ‘Upbeat’

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.

Bicycle Therapeutics (BCYC) Appoints Travis Thompson as CFO Following Leadership Transitions

Photo by Pietro Jeng on Pexels

In a market note, Mizuho raised its price target for Enliven Therapeutics Inc. (NASDAQ:ELVN) 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. (NASDAQ:ELVN) is underway with the early clinical study of its own CML treatment candidate called ELVN-001, with the third phase targeted for this year.

While we acknowledge the risk and potential of ELVN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ELVN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. Follow Insider Monkey on Google News.