Medical and biotech-focused hedge fund Orbimed Advisors reported the sale of 281,408 shares of Enliven Therapeutics for approximately $12.67 million, according to an SEC Form 4 filing. The sale accounted for 3.67% of the reporting entity's indirect common stock holdings, leaving it with 7,388,902 shares and a continued material investment in the clinical-stage biotech. All shares were held indirectly through entities such as OrbiMed Genesis Master Fund and OrbiMed Private Investments VII. This is the second reported open-market sale in two years, following a prior disposition of 1,033,300 shares. The transaction comes after Enliven announced positive Phase III data for a leukemia drug, and Orbimed has since filed Form 144 paperwork to sell additional shares.
Enliven Therapeutics Inc.Orbimed Advisors sold a significant block of shares, and has filed to sell more, signaling insider selling pressure.