Leveraging Merck–Terns Benchmark: Supporting Enliven’s ELVN-001 Upside and a Raised $60 Buy Target

LifeSci Capital analyst Sam Slutsky maintained a Buy rating on Enliven Therapeutics today and set a price target of $60.00.

Sam Slutsky has given his Buy rating due to a combination of factors tied to recent transaction benchmarks and comparative clinical data. He notes that Merck’s multi‑billion‑dollar acquisition of Terns establishes a robust valuation reference point for next‑generation chronic myeloid leukemia agents, even after Merck reduced its initial bid in response to updated TERN‑701 trial results, which it still viewed as competitively compelling versus asciminib.

Slutsky then contrasts TERN‑701’s efficacy profile with Enliven’s ELVN‑001, emphasizing that while he expects TERN‑701’s MMR rate to settle in the low‑50% range, ELVN‑001 is likely to deliver around a 40% MMR rate in a tougher patient population, which he believes is attractive in light of Merck’s pricing of Terns. Combined with Enliven’s solid cash runway of roughly 3.3 years and a meaningful short interest that could support upside if sentiment improves, these factors underpin his decision to maintain a Buy rating and raise the price target to $60 per share.

Slutsky covers the Healthcare sector, focusing on stocks such as Palvella Therapeutics, Enliven Therapeutics, and Olema Pharmaceuticals. According to TipRanks, Slutsky has an average return of 40.2% and a 51.74% success rate on recommended stocks.

In another report released yesterday, JonesTrading also maintained a Buy rating on the stock with a $45.00 price target.