Enliven Therapeutics (ELVN) Up 194% This Year on Strong CML Market

Enliven Therapeutics Inc. (NASDAQ:ELVN) is one of the 11 Stocks With 3x-5x Returns This Year.

Enliven Therapeutics has seen its stock price soar by 194 percent year-to-date, at $45.34 versus $15.40 on December 31, with investor sentiment primarily bolstered by the growing interest in the chronic myeloid leukemia (CML) treatment market following its competitor’s merger with one of the largest pharmaceutical companies in the world.

The rally was primarily bolstered by Merck’s acquisition of Terns Pharmaceuticals Inc.—one of Enliven Therapeutics Inc.’s (NASDAQ:ELVN) competitors—for $6.7 billion, in line with the pharmaceutical giant’s plan to diversify and strengthen its position in oncology.

Photo by RDNE on Pexels

The acquisition would add TERN-701 to Merck’s pipeline therapy candidates, which is undergoing a clinical trial to test its efficacy in patients with Philadelphia chromosome-positive (Ph+), chronic phase CML, who were previously treated with at least one prior TKI and who experienced treatment failure, suboptimal response, or treatment intolerance.

For its part, Enliven Therapeutics Inc. (NASDAQ:ELVN) is underway with the early-stage study of its own treatment called ELVN-001 in patients with CML that is relapsed, refractory, or intolerant to available TKIs.

Under the study, 60 enrolled patients are testing the efficacy of ELVN-001 on different dosages—60 mg, 80 mg, and 120 mg once daily.

Following Merck’s announcement, investment firms Mizuho and Clear Street both maintained an “outperform” rating and “buy” recommendation for shares of Enliven Therapeutics Inc. (NASDAQ:ELVN).

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.