Nuvalent (NUVL – Research Report), the Technology sector company, was revisited by a Wall Street analyst on October 13. Analyst Etzer Darout from BMO Capital assigned the rating on the stock to a Buy and gave it a $73.00 price target.
Etzer Darout’s Buy rating on Nuvalent’s stock is fundamentally grounded in several factors. First and foremost, the company’s NVL-655, an ALK inhibitor, revealed promising results in heavily pre-treated ALK+ NSCLC patients, with an impressive overall response rate (ORR). It showed a considerable response in patients dosed at 50mg or above, suggesting its efficacy at higher dosage levels. Furthermore, the drug demonstrated substantial potential in patients with any ALK resistance mutation, further reinforcing its robust value proposition in ALK+ patients.
Moreover, a comparison between NVL-655 and lorlatinib, a third-generation ALK-TKI, revealed a favorable response rate for NVL-655 in lorlatinib-naive patients, indicating its superior performance. The drug’s safety profile also appeared to be more favorable compared to lorlatinib, with a lower incidence of dose reductions and interruptions. In addition, Nuvalent’s other tyrosine kinase inhibitor programs, NVL-520 and NVL-655, have demonstrated encouraging preclinical data for ROS1 and ALK1 positive NSCLC, respectively. These programs have the potential to fill the unmet need in ROS1 and ALK1 positive NSCLC treatment, further supporting Darout’s Buy recommendation.
According to TipRanks, Darout is a 5-star analyst with an average return of 15.9% and a 43.38% success rate. Darout covers the Healthcare sector, focusing on stocks such as AstraZeneca, Exelixis, and Scholar Rock Holding.
In another report released on October 13, Stifel Nicolaus also maintained a Buy rating on the stock with a $100.00 price target.
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Nuvalent (NUVL) Company Description:
Nuvalent Inc is a biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, designed to overcome the limitations of existing therapies for clinically proven kinase targets.
Read More on NUVL:
- Nuvalent price target raised to $100 from $65 at Stifel
- Nuvalent announces updated preliminary data from ALKOVE-1 trial
- JPMorgan biotech analysts hold an analyst/industry conference call
- Nuvalent price target raised to $73 from $52 at BMO Capital
- Nuvalent price target raised to $65 from $53 at Wedbush
