Nuvalent price target raised to $79 from $73 at BMO Capital

BMO Capital raised the firm’s price target on Nuvalent to $79 from $73 and keeps an Outperform rating on the shares. The company’s data presentation of NVL-655 at Triple Meeting confirmed it as the best-in-class profile for this asset in patients with ALK+ NSCLC, the analyst tells investors in a research note. Nuvalent now has two partially de-risked, potentially best-in-class assets in non-small cell lung cancer, which provides downside support with potential upside from NVL-520 and NVL-655 next year, BMO added.