Swayampakula Ramakanth, an analyst from H.C. Wainwright, maintained the Buy rating on Nuvalent. The associated price target remains the same with $130.00.
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Swayampakula Ramakanth has given his Buy rating due to a combination of factors including Nuvalent’s promising developments in their drug pipeline and strong financial position. The company has completed its NDA submission for zidesamtinib targeting ROS1-positive NSCLC and is on track to present pivotal data for neladalkib for ALK-positive NSCLC by the end of 2025. With a robust cash reserve of $943.1 million, Nuvalent is well-positioned to transition into a commercial entity by the end of 2026, especially with the anticipated accelerated approval of zidesamtinib.
Additionally, the ongoing Phase 1/2 study of neladalkib has shown promising preliminary results in ALK+ advanced solid tumors beyond NSCLC, with a notable objective response rate. This suggests potential for broader applications of neladalkib, which could significantly enhance Nuvalent’s market position. The company’s strategic focus and potential revenue growth to $4.3 billion by 2034 further underscore the stock’s undervaluation, making it an attractive buy.
In another report released today, Barclays also maintained a Buy rating on the stock with a $112.00 price target.