On Tuesday, Baird reaffirmed its positive stance on Nuvalent (NASDAQ:NUVL), maintaining an Outperform rating and a price target of $105.00. The endorsement follows the release of updated clinical data, which was included in abstracts for the forthcoming European Society for Medical Oncology (ESMO) meeting.
The updated Phase 1 data from Nuvalent's ARROS-1 and ALKOVE-1 trials show more patient results and longer follow-up, with initial median Duration of Response (mDOR) figures now available.
The new information also includes preclinical data for zidesamtinib, highlighting its intracranial activity compared to other Tyrosine Kinase Inhibitors (TKIs). According to Baird, the updated data demonstrates a consistent profile for zidesamtinib, which targets ROS1, and NVL-655, which targets ALK, in a larger patient cohort. These findings are seen as indicative of early signs of prolonged responses.
The ongoing pivotal programs for zidesamtinib and NVL-655 are focused on treating ROS1-positive and ALK-positive Non-Small Cell Lung Cancer (NSCLC), respectively. Baird's analysis suggests that these programs are supported by the new data, which could lead to initial data releases in 2025 and potential first approvals in 2026.
The analyst's comments emphasized the significance of the updated clinical data, pointing out that the consistent drug profiles and early indications of prolonged responses bolster the case for their continued development.
The trials are part of Nuvalent's efforts to establish effective treatments for specific types of NSCLC, with a goal of achieving regulatory approval and bringing these therapies to patients who may benefit from them.
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