Enliven gains after Jones raises PT on increased takeover appeal

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