Jefferies initiates Enliven with 'buy' on cancer therapies prospects

Enliven Therapeutics

29/03/2023 12:20

** Jefferies initiates coverage on Enliven Therapeutics Inc
 ELVN.O  with "buy" rating; sets PT at $27
    ** Brokerage optimistic over co's early-stage lead blood and
lung cancer treatment product candidates, ELVN-001 and ELVN-002,
respectively, on promising pre-clinical data      
    ** Says the treatments could offer upside if it shows
differentiated potency & safety vs competitors; preliminary
human trials data from both programs expected in 2024 
    ** ELVN-001 could show improved safety and efficacy vs
approved drugs, which have touched global sales of as much as
~$5.9 bln in FY22 - brokerage 
    ** Sees expansion opportunities for ELVN-002 in breast and
other solid cancers, given it shows an improved therapeutic
index  
    ** Jefferies expects U.S. approvals for ELVN-001 and
ELVN-002 in 2029 and Europe approvals in 2030 
    ** Sees ELVN-001 peak sales potential of ~1.5 bln in 2034
and for ELVN-002 ~$300 mln in the same year
    ** YTD, ELVN stock up 43.6% through last close 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))