Cantor Fitzgerald initiated coverage of Nuvalent (NUVL) with an Overweight rating and $135 price target which represents 60% upside from current levels. The company’s lead assets, neladalkib and zidesamtinib, are oral, brain-penetrant compounds designed to potently inhibit their targets and are active against a broad range of common resistance mutations, the analyst tells investors in a research note. Cantor expects neladalkib to emerge as the leading ALK TKI and continue to grow the market at a “robust pace.” The firm views Nuvalent shares as attractive at current levels.
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