ELVN - CML Opportunity Enlivened Post MRK Deal; ELVN Well-Positioned: Initiating Coverage at BUY and $80 PT

研报英文原文证据摘录

ELVN - CML Opportunity Enlivened Post MRK Deal; ELVN Well-Positioned: Initiating Coverage at BUY and $80 PT

Biotechnology May 11, 2026

Michael Schmidt, Ph.D.

michael.schmidt@guggenheimpartners.com ELVN - CML Opportunity Enlivened Post MRK Deal; ELVN Well-Positioned:

617 859 4636 Initiating Coverage at BUY and $80 PT Sarah Bi, Ph.D.

sarah.bi@guggenheimpartners.com

857 350 0123 Key Message: We are initiating coverage of Enliven Therapeutics, Inc. (ELVN) with a BUY rating and $80 PT. ELVN is focused

Rosy Liao, Ph.D. on the discovery and development of "precision" small molecule therapeutics. Lead product candidate ELVN-001 is a potential best-

rosy.liao@guggenheimpartners.com in-class oral BCR-ABL inhibitor for chronic myeloid leukemia (CML) that we expect to be Phase 3-ready this summer. We think ELVN's

617 859 4663 valuation does not appreciate size of opportunity, strategic validation, and reasonable risk-adjusted market share assumptions for

ELVN-001. BCR-ABL is a mechanistically and commercially validated target, and CML is an attractive therapeutic category in our view, Paul Jeng, Ph.D.

paul.jeng@guggenheimpartners.com given it's an established and growing market, which we size at $15Bn TAM annually in the US. We believe commercial success of

617 859 4618 NOVN-SWX's Scemblix ($4.0 Bn peak sales guide) and the recent Terns Pharmaceuticals acquisition by MRK ($6.7Bn equity value)

highlight the commercial potential and strategic value of competitive assets in this space. Our work with KOLs suggests that there

is an unmet medical need for novel ATP-competitive BCR-ABL inhibitors such as ELVN-001 that are well-tolerated and overcome

frequent resistance mutations. Phase 1 ENABLE data from EHA 2025 and Jan. 2026, in our view, validate ELVN-001's competitive