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Investing.com - Piper Sandler raised its price target on Nuvalent (NASDAQ:NUVL) to $128.00 from $112.00 on Monday, maintaining an Overweight rating on the clinical-stage biopharmaceutical company. The stock, currently trading at $93.39, sits near its 52-week high of $104.81, having gained nearly 26% over the past six months. According to InvestingPro data, analyst consensus remains strongly bullish, with price targets ranging from $100 to $140.
The firm cited the upcoming pivotal Phase II ALKOVE-1 data for neladalkib in second-line ALK-positive non-small cell lung cancer (NSCLC), which is expected to be released in the fourth quarter.
Piper Sandler believes the market is underestimating the potential impact of this dataset, suggesting the second-line treatment data and its implications for both first-line and second-line total addressable market could move Nuvalent shares between 18% and 24%.
The research firm specifically highlighted the first-line ALK opportunity as potentially worth over $8 billion, noting that investors appear to be focusing on this opportunity but may not fully appreciate the upcoming data release.
According to Piper Sandler, while some investors believe the tyrosine kinase inhibitor (TKI) pre-treated data is already reflected in the current stock price, the firm disagrees, suggesting the second-line data specifically could be a significant catalyst for the stock.
In other recent news, Nuvalent, Inc. has completed its New Drug Application submission to the U.S. Food and Drug Administration for zidesamtinib, targeting tyrosine kinase inhibitor pre-treated patients with advanced ROS1-positive non-small cell lung cancer. This marks a significant step in the company’s efforts to address this specific cancer type. Meanwhile, Nuvalent is set to present new preclinical data on its HER2-selective inhibitor, NVL-330, at an upcoming international cancer conference, highlighting its intracranial activity.
Several analyst firms have initiated coverage on Nuvalent with positive ratings. Stifel has given the company a Buy rating with a price target of $115.00, citing the potential widespread use of its high-quality oncology drugs following regulatory approval. Cantor Fitzgerald has assigned an Overweight rating with a price target of $135.00, noting the impact of Nuvalent’s treatments on genetically re-arranged non-small cell lung cancer. Guggenheim has also issued a Buy rating with a $122.00 price target, emphasizing the company’s potential in the lung cancer treatment market and its capacity to generate significant drug sales. These developments reflect growing interest and optimism in Nuvalent’s future prospects within the biotech industry.
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