Nuvalent gains after brokerages raise PT on promising cancer therapy data
Updates
** Shares of therapy developer Nuvalent NUVL.O rise 24.3%to record high of$108.68
** At least four brokerages raise PT on stock
** Co presented updated early-stage data from its experimental cancer therapy, NVL-655, at the European Society for Medical Oncology Congress over the weekend
** Guggenheim raises PT to $105 from $99, rates stock "buy"; says the updated data should increase investor confidence in NVL-655 as a potential best-in-class therapy; adds the therapy could also grow the addressable market from ~$2 bln globally to more than $4 bln in long term
** Stifel raises PT to $135 from $115, rates stock "buy"; says the quality of the updated early-stage data is reinforced by the rapid enrollment in the mid-stage study
** Co also announces $350 mln stock offering of common stock
** 12 of 12 brokerages rate the stock "buy" or higher; their median PT is $107.50
** Including session moves, stock up 48% YTD
Reporting by Sneha S K
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