Nuvalent (NUVL) PT Raised to $135 at Stifel

Stifel analyst Laura Prendergast raised the price target on Nuvalent (NASDAQ: NUVL) to $135.00 (from $115.00) while maintaining a Buy rating.

The analyst comments "Today, NUVL presented topline pivotal data from the registration enabling Ph1/2 ALKove-1 study of neladalkib in TKI pre-treated ALK+ NSCLC - see PR here and slides here. Management plans to discuss these data with the FDA at a pre-NDA meeting and present detailed study results at a future medical meeting. We consider these data and EAP enrollment commentary highly encouraging for NUVL. We make no change to our BUY rating and raise our Target Price to $135 (previously $115). SoC has been rapidly changing in ALK+ NSCLC making it tricky to compare 2L+ ALKove-1 data to the FDA approved ALK TKIs. NUVL enrolled a much harder to treat population versus lorlatinib/alectinib pre-treated studies. To account for this, we broke-out efficacy data by prior treatment history for lorlatinib and neladalkib to make the fairest comparison possible - see table below & additional comps within this report."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• AI/ML Innovations plans $2M private placement on the CSE
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery