Nuvalent (NUVL) PT Raised to $132 at UBS

UBS analyst David Dai raised the price target on Nuvalent (NASDAQ: NUVL) to $132.00 (from $114.00) while maintaining a Buy rating.

The analyst comments "NUVL's 3Q25 press release highlighted completion of zidesamtinib rolling NDA submission in TKI pre-treated (2L+) ROS1+ NSCLC in 3Q25, with potential approval in mid-2026 (UBSe). Pivotal data for neladalkib in 2L+ ALK+ NSCLC is on-track to read out by YE25 and we believe neladalkib's Phase 1 data of 38% ORR and 14 months of mDOR in pre-treated ALK+ NSCLC make a compelling case to achieve superior efficacy than competitor lolartinib's 31-39% ORR and 7 months mDOR in 2L+ ALK+ NSCLC. We continue to view both zidesamtinib and neladalkib as potentially best-in-class therapies in ROS1+ and ALK+ NSCLC, respectively. Based on zidesamtinib's recent pivotal data in ROS1+ NSCLC (see our data recap note), we increase the probability of success of zidesamtinib in 2L+ to 90% (from 70%) and 1L to 80% (from 60%). Consequently, we see a combined $3.7B peak sales opportunity for both drugs (vs. $3.2B prior). Our key DCF assumptions are unchanged, and we update our price target to $132 ($114 previously)."

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