Stifel initiated coverage of Nuvalent with a Buy rating and $65 price target. The firm acknowledges that “bullish positioning” ahead of phase 1 cancer drug data derived from heavily-pretreated patients has “been a losing trade for ~2 years” as such updates typically yield low ORRs and short durability. However, ahead of Nuvalent presenting its first NVL-655 phase 1 data in October, the firm believes the “total profile should demonstrate evidence for lorlatinib-like 1L properties without the toxicity” and tells investors that a “future head-to-head victory against alectinib could net” $2B-$3B per year in sales.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on NUVL:
- Nuvalent, Olema, Oric added to ‘Catalyst Watch List’ at JPMorgan
- Nuvalent initiates Phase 2 portion of ARROS-1 trial
- Nuvalent Highlights Pipeline Progress and Reports Second Quarter 2023 Financial Results
- DraftKings upgraded, Home Depot downgraded: Wall Street’s top analyst calls
- Nuvalent initiated with a Market Perform at SVB Securities