Enliven gains after Jones raises PT on increased takeover appeal

Enliven Therapeutics

25/03/2026 12:56

** Shares of drug developer Enliven Therapeutics ELVN.O rise 14.13% to $35.55 premarket

** Jones Trading raises PT to $45 from $35 and reiterates a "buy" rating

** Brokerage says Merck's MRK.N $6.7 billion deal to buy rival Terns Pharmaceuticals TERN.O means that both ELVN and TERN could "carve out their own market share" and increase ELVN's takeover appeal

** Both TERN and ELVN are developing drugs for chronic myeloid leukemia (CML), a cancer that starts in the bone marrow and causes uncontrolled growth of leukemia cells

** Brokerage says ELVN's lead drug, ELVN‑001, which has a different mechanism of action compared to Terns' drug, is best positioned for patients whose disease no longer responds to earlier treatments

** Says TERN's lead drug, TERN‑701, is expected to compete mainly in earlier treatment settings

** Adds ELVN is well positioned as a takeout target as most other CML drugs are owned by large drugmakers

** ELVN fell more than 31% in 2025

(Reporting by Kunal Das in Bengaluru)

((Kunal.Das2@thomsonreuters.com;))