Baird starts Nuvalent at Outperform, sees ‘billion-dollar-plus opportunities’

As previously reported, Baird initiated coverage of Nuvalent with an Outperform rating and $105 price target. Nuvalent is going after “a validated approach and validated targets, but getting better results,” says the analyst, who notes that the company’s ALK and ROS1 tyrosine kinase inhibitors, or TKIs, are demonstrating strong efficacy and improved safety in Phase 1/2 in lung cancer. The firm sees both lead assets as “billion-dollar-plus opportunities,” the analyst tells investors.