Nuvalent price target raised to $128 from $112 at Piper Sandler

Piper Sandler analyst Kelsey Goodwin raised the firm’s price target on Nuvalent (NUVL) to $128 from $112 and keeps an Overweight rating on the shares. The firm notes the company will present pivotal Phase II ALKOVE-1 data of key value driver, neladalkib, in 2L+ ALK+ NSCLC any day. Piper thinks the Street, with eyes on the 1L ALK opportunity, is underestimating the potential impact of this dataset. While investors it has spoken to recently think the TKI pre-treated data is already priced in at these levels, Piper thinks the 2L data specifically could move shares +18%- to +24%.