J.P. Morgan analyst Anupam Rama has maintained their bullish stance on NUVL stock, giving a Buy rating on September 24.
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Anupam Rama has given his Buy rating due to a combination of factors that highlight Nuvalent’s promising prospects in the biotechnology sector. The company is on the verge of a pivotal readout for its drug neladalkib, aimed at treating refractory ALK+ non-small cell lung cancer (NSCLC), which is expected by the end of 2025. This drug has shown a notable overall response rate and a differentiated duration of response compared to competitors, along with effectiveness against resistance mutations and activity in the central nervous system, all while maintaining a favorable safety profile.
Furthermore, the rapid enrollment in the ALKOVE-1 study underscores the significant unmet need in this area, suggesting strong market potential. The analyst anticipates that successful data could elevate Nuvalent’s stock value significantly, with potential positive implications for ongoing studies in other settings. The long-term potential of Nuvalent’s pipeline, including another promising drug, zidesamtinib, in ROS1+ NSCLC, further supports the Buy rating, indicating substantial growth opportunities for the company.
According to TipRanks, Rama is a 2-star analyst with an average return of 0.7% and a 46.54% success rate. Rama covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, AnaptysBio, and Replimune Group.
In another report released on September 24, Barclays also maintained a Buy rating on the stock with a $100.00 price target.