Leerink Partners analyst Andrew Berens reiterated a Buy rating on Nuvalent (NUVL – Research Report) on February 27 and set a price target of $125.00.
Andrew Berens has given his Buy rating due to a combination of factors, primarily centered around Nuvalent’s promising clinical trial progress and financial stability. The company is advancing its pivotal Phase 2 ALKOVE-1 trial for neladalkib in patients with advanced ALK+ NSCLC, with a significant patient enrollment that suggests potential acceleration of the subsequent Phase 3 ALKAZAR trial. Additionally, Nuvalent is on track for a pivotal readout of the Phase 2 ROS1 ARROS-1 trial for zidesamtinib in ROS1+ NSCLC, with plans to file a New Drug Application by mid-2025.
Moreover, the company’s engagement with the FDA for a line-agnostic indication and the ongoing Phase 1 HEROEX-1 trial for NVL-330 further bolster its pipeline prospects. Financially, Nuvalent is well-positioned with $1.1 billion in cash and cash equivalents, providing a runway into 2028, which supports the company’s strategic initiatives and operational stability. These factors collectively underpin Berens’s optimistic outlook and Buy rating for Nuvalent’s stock.
In another report released on February 28, Barclays also maintained a Buy rating on the stock with a $100.00 price target.
NUVL’s price has also changed moderately for the past six months – from $84.280 to $74.910, which is a -11.12% drop .