Nuvalent price target raised to $65 from $53 at Wedbush

Wedbush raised the firm’s price target on Nuvalent to $65 from $53 and keeps an Outperform rating on the shares. The firm notes Nuvalent reported positive first data from the ALKOVE-1 trial of NVL-655 in late-line ALK+ NSCLC patients at the Triple meeting. Overall, Wedbush thinks the data has de-risked the program and supports NVL-655’s best-in-class potential in ALK+ NSCLC. The firm would expect future data updates to better define CNS responses and further position NVL-655 initially as an effective treatment option in the post-lorlatinib setting.