Nuvalent, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on the stock and has a $155.00 price target.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Swayampakula Ramakanth has given his Buy rating due to a combination of factors that highlight Nuvalent’s promising future. The positive topline data from the ALKOVE-1 study indicates that neladalkib could be a viable second-line therapy for ALK-positive NSCLC patients, with impressive response rates and durability of response, especially in patients with the G1202R mutation. This positions neladalkib as a potentially superior alternative to existing treatments like lorlatinib, which has lower response rates and significant CNS-related toxicities.
Furthermore, the company’s strategic plans, including the anticipated accelerated approval application for neladalkib and the potential for it to be marketed as a first-line therapy, underscore its growth potential. With a robust financial position that supports operations into 2028 and a management team focused on execution, Nuvalent appears undervalued, offering a compelling opportunity for long-term investors. These elements collectively contribute to the Buy rating and the increased price target of $155.
In another report released on November 11, Canaccord Genuity also initiated coverage with a Buy rating on the stock with a $126.00 price target.