Stifel raised the firm’s price target on Nuvalent to $100 from $65 and keeps a Buy rating on the shares after the company presented detailed and updated NVL-655 phase 1 data. The firm increases its view on the odds of success for second-line and later ALK approval to greater than 65% and first-line ALK approval to 50%, leading it to now model NVL-655 risk-adjusted sales of $1.4B, says the analyst, who notes that the new price target reflects a roughly $6B valuation.
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