Ortex data shows short interest in Enliven Therapeutics had hovered between 24% and 29% since October 2023.

Short sellers pulled back from Enliven Therapeutics last week, with Ortex data, compiled by The Fly,  showing a sharp decline in short interest from 25.7% to 18.4% — the lowest since April 2023. 

The unwind coincided with a spike in trading volume, triggered by updated Phase 1 results for the company’s chronic myeloid leukemia (CML) candidate ELVN-001 and a bullish initiation from Goldman Sachs.

Enliven Therapeutics shares closed at $21.3 on Friday, down 1.3% on the day.

Ortex also reported that days to cover, a key metric representing the average number of days it would take shorts to cover their positions at current volume, dropped to 6.9 from 7.8, a nine-month low. 

The estimated short interest had ranged between 24% and 29% since October 2023.

The catalyst was the company’s presentation at the European Hematology Association (EHA) Congress in Milan. 

Updated data from the ongoing Phase 1 ENABLE trial showed that 25 of 53 evaluable patients without the T315I mutation, or nearly 47%, achieved or maintained major molecular response (MMR) by week 24. 

The patients in the study were heavily pretreated, with 67% having received three or more prior TKIs.

Enliven said ELVN-001 remained well-tolerated across all doses. 

The drug showed no signs of enhanced cardiovascular risk or arterial occlusive events, with just 3.4% of patients requiring dose reductions due to adverse events and 4.6% discontinuing due to side effects. 

The drug’s pharmacokinetics support once-daily oral dosing without fasting restrictions and minimal drug-drug interaction, which is a key benefit given that the average CML patient takes about five medications.

Additionally, Goldman Sachs initiated coverage on Enliven Therapeutics with a ‘Buy’ rating and a $37 price target, citing positive Phase 1 data for ELVN-001 and plans to start a Phase 3 trial in 2026. 

The firm said the drug remains well-tolerated, with no added cardiovascular risk, and highlighted its once-daily dosing potential and minimal drug interaction profile.

On Stocktwits, retail sentiment was ‘neutral’ amid ‘high’ message volume.

The stock has declined 10.9% so far in 2025.

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