Nuvalent could be a winning biotech in the world of cancer treatments, according to Jefferies.
Analyst Roger Song initiated the clinical-stage biopharmaceutical company with a buy rating and $97 price target, which implies 49.8% potential upside for shares over the next 12 months.
"NUVL leverages strong expertise in structure-based chemistry and deep understanding of unmet [patient] needs to develop potentially 'best-in-class' small molecule targeted cancer therapy," Song wrote in a Wednesday note.
"We think both candidates poise well in later line and have strong potential to move into frontline treatments."
The company posted a fourth-quarter loss that was slightly wider than expected, at 62 cents per share.
Persons:
Roger Song, Jefferies
Organizations:
Jefferies, U.S . Food, Drug Administration, FactSet
Locations:
U.S