Nuvalent ‘tracking to a home run scenario’ for NVL-655, says JPMorgan

After abstracts for the 2023 AACR-NCI-EORTC meeting were released and Nuvalent concurrently announced preliminary data from the ongoing phase 1 portion of the phase1/2 ALKOVE-1 study, JPMorgan said the initial update is “tracking to a home run scenario at the Triple Meeting.” The firm, which cites “strong overall activity” and “a clean safety profile,” reiterates an Overweight rating on Nuvalent shares, on which it maintains a “Positive Catalyst Watch.”