Enliven being 20% down on Terns news ‘makes no sense,’ says Mizuho

Mizuho analyst Salim Syed notes that Terns Pharmaceuticals’ (TERN) TERN-701’s ASH abstract was released and while “there is nothing wrong with Terns’ data,” the firm doesn’t believe the impact on Enliven’s (ELVN) story is “as meaningful as the market is suggesting.” Given the different patient populations being treated and considering the class switching therapeutic approach that it’s being used in the clinical setting, Enliven’s stock being 20% down on this news “makes no sense,” argues the analyst, who thinks Enliven recovers on fundamentals and valuation. The firm has an Outperform rating and $41 price target on Enliven shares.