Nuvalent (NUVL) PT Raised to $135 at Goldman Sachs

Goldman Sachs analyst Richard Law raised the price target on Nuvalent (NASDAQ: NUVL) to $135.00 (from $120.00) while maintaining a Buy rating.

The analyst comments "On Monday morning (11/17), NUVL presented topline results from neladalkib (nela)'s Ph. 2 ALKOVE-1 in TKI pre-treated patients (2L+) with ALK+ NSCLC. Data are pooled across Ph. 1 and Ph. 2 and the company reported ORR, DoR landmarks at 6, 12, and 18 months, intracranial ORR (IC-ORR), and safety. As of August 29, 2025, 656 patients with advanced ALK+ NSCLC were treated with nela at RP2D (150mg QD). The pivotal primary analysis consisted of 253 TKI pre-treated pts who received nela at RP2D by September 2024 with median follow-up of 11.3 months. Consistent with our expectation (see our earlier NUVL note), NUVL also presented preliminary data from 1L TKI-naive patients although it was not guided. NUVL plans to discuss pivotal data for the TKI pre-treated ALK+ NSCLC population with FDA at a pre-NDA meeting. Detailed study results will be presented in future medical meeting and publication. Based on today's disclosure that included 1L data not previously committed, we continue to believe NUVL could seek NCCN guideline recommendations for neladalkib in 1L ALK+ NSCLC ahead of its approval there following a similar strategy for zidesamtinib in 1L ROS1+ NSCLC. Our PT increases to $135 (from $120) based on today's updates."

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