Here’s why Citi says crypto prices have been weak recently
Investing.com - UBS raised its price target on Nuvalent (NASDAQ:NUVL) to $132.00 from $114.00 while maintaining a Buy rating, citing progress in the company’s cancer drug development program. The stock is currently trading near its 52-week high of $104.90, having gained 27.9% over the past six months.
The price target increase follows Nuvalent ’s third-quarter announcement that it completed its rolling New Drug Application submission for zidesamtinib, which treats ROS1-positive non-small cell lung cancer (NSCLC) in patients previously treated with tyrosine kinase inhibitors. According to InvestingPro data, Nuvalent holds more cash than debt on its balance sheet, with a strong current ratio of 13.57.
UBS increased its probability estimates for zidesamtinib’s success to 90% from 70% in second-line and later treatment settings, and to 80% from 60% in first-line treatment, based on recent pivotal trial data.
The firm also noted that pivotal data for Nuvalent’s other cancer drug, neladalkib, is on track to be released by year-end 2025 for ALK-positive NSCLC patients. UBS believes neladalkib’s Phase 1 data showing 38% objective response rate and 14 months median duration of response positions it favorably against competitor lolartinib.
UBS now projects a combined peak sales opportunity of $3.7 billion for both drugs, up from its previous estimate of $3.2 billion, with potential approval for zidesamtinib expected in mid-2026.
In other recent news, Nuvalent has completed its New Drug Application submission to the U.S. Food and Drug Administration for zidesamtinib, targeting patients with advanced ROS1-positive non-small cell lung cancer who have been pre-treated with tyrosine kinase inhibitors. This marks a significant step in the company’s development efforts. Additionally, Nuvalent announced plans to present new preclinical data on its HER2-selective inhibitor, NVL-330, at an upcoming international cancer conference. The presentation will highlight the preclinical intracranial activity of NVL-330, a selective HER2 tyrosine kinase inhibitor.
In analyst coverage, Piper Sandler raised its price target for Nuvalent to $128, maintaining an Overweight rating. This adjustment reflects expectations surrounding the upcoming pivotal Phase II ALKOVE-1 data for neladalkib in ALK-positive non-small cell lung cancer. Stifel has initiated coverage with a Buy rating and a $115 price target, citing the quality of Nuvalent’s targeted oncology drugs. Cantor Fitzgerald also initiated coverage with an Overweight rating and a $135 price target, noting the impact on genetically re-arranged non-small cell lung cancer. These developments reflect growing interest and confidence in Nuvalent’s pipeline and potential market impact.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.