Shares of Enliven Therapeutics (ELVN) plummeted 5.22% during Friday's intraday trading session, reflecting investor concerns following an analyst's downward revision of the company's price target.
The significant drop in share price came after JonesResearch analyst Soumit Roy lowered the firm's price target on Enliven from $36 to $27. Despite the reduction, Roy maintained a Buy rating on the stock, suggesting continued confidence in the company's long-term prospects despite near-term headwinds.
While the exact reasons for the lowered price target were not detailed in the available information, such revisions often stem from changes in a company's financial outlook, market conditions, or sector-specific challenges. Investors appear to be reacting cautiously to this adjustment, leading to the sharp decline in Enliven's stock price. However, the maintained Buy rating indicates that JonesResearch still sees potential upside for the stock, albeit from a lower base.
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