Nuvalent assumed with a Buy at Guggenheim

Guggenheim assumed coverage of Nuvalent (NUVL) with a Buy rating and price target of $122, up from $105. The firm believes the company’s ROS1 and anaplastic lymphoma kinase tyrosine kinase inhibitors will eventually become the predominant front-line TKIs given to lung cancer patients with genomic alterations, which combined account for 5% of incident cases, the analyst tells investors in a research note.