TD Cowen analyst Marc Frahm has maintained their bullish stance on NUVL stock, giving a Buy rating today.
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Marc Frahm has given his Buy rating due to a combination of factors surrounding Nuvalent’s promising developments in their drug pipeline. A key highlight is the potential of neladalkib (NVL-655), which is being positioned as a best-in-class ALK inhibitor. The drug has shown a 38% overall response rate in a Phase I trial among patients with ALK-positive non-small cell lung cancer (NSCLC) who have previously been treated with tyrosine kinase inhibitors.
Nuvalent’s strategic plans to release pivotal data for neladalkib in second-line plus ALK-positive NSCLC patients by the end of 2025 further bolster confidence. Additionally, the initiation of the Phase III ALKAZAR trial, comparing neladalkib to alectinib in treatment-naive ALK-positive NSCLC patients, is expected to progress swiftly due to strong demand and rapid enrollment. These developments, alongside the potential for neladalkib to demonstrate efficacy in ALK-positive solid tumors beyond NSCLC, underpin Frahm’s positive outlook on the stock.
In another report released today, LifeSci Capital also maintained a Buy rating on the stock with a $110.00 price target.