As previously reported, Leerink upgraded Nuvalent to Outperform from Market Perform with a price target of $110, up from $69, based on updated forecasts for NVL-655, which the firm thinks has the potential to become the next multiblockbuster lung cancer agent in ALK+ disease. NVL-655 has demonstrated best-in-class attributes in heavily pretreated populations, with broad activity across a number of key resistance mutations, CNS activity without TRK-related adverse events, and a tolerable profile, which Leerink believes will enable the drug to be used for prolonged durations, particularly in the frontline.
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