Nuvalent price target raised to $130 from $110 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth raised the firm’s price target on Nuvalent (NUVL) to $130 from $110 and keeps a Buy rating on the shares. The company reported positive topline results from the Phase 1/2 ARROS-1 study evaluating zidesamtinib to treat ROS1-positive non-small cell lung cancer patients that have received prior (tyrosine kinase inhibitor therapy, the analyst tells investors in a research note. The firm says the overall response rate among all patients is 44%, and the patients showed good durability with duration of responses of 78% at 12 months and 62% at 18 months. H.C. Wainwright believes the data was “particularly encouraging” in the 55 patients who received only one prior line of TKI therapy, who achieved overall response rate of 51% and an 18- month duration of response of 93%.