BUZZ-Enliven falls after $400 mln equity raise to fund leukemia drug

Jefferies Financial Group Inc.
Enliven Therapeutics, Inc.

Jefferies Financial Group Inc.

JEF

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Enliven Therapeutics, Inc.

ELVN

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** Enliven Therapeutics' ELVN.O shares down 3.8% at $38.84 in premarket trading on Fri after $400 mln follow-on priced

** Biopharma firm late Thurs sold ~8.9 mln shares and pre-funded warrants to buy ~1.7 mln shares at $37.50

** Offering size increased from $250 mln, and priced at 7.1% discount to stock's last sale

** Stock finished up ~9% on Thurs after co's leukemia drug, ELVN-001, showed encouraging early-stage results

** Co intends to use net proceeds from offering to advance ELVN-001 in ongoing and planned clinical trials, among other purposes, per the prospectus

** Jefferies, Goldman Sachs, Morgan Stanley and Barclays joint bookrunners, along with Mizuho

** Burlingame, California-based Enliven has 60.9 mln shares outstanding

** At Thurs close, stock up 162% YTD

** All 12 analysts rate the stock "strong buy" or "buy"; median PT $59.50, according to LSEG data


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