Wells Fargo initiates Nuvalent stock with overweight rating on drug potential

2026-04-02 00:00:26

Wells Fargo has initiated coverage on Nuvalent Inc. (NASDAQ:NUVL) with an overweight rating and a price target of $116, citing the strong potential of its two drug candidates, zidesamtinib and neladalkib. The firm anticipates two potential FDA approvals within the next 12 to 18 months, with zidesamtinib expected to become a standard of care in second-line ROS1-positive non-small cell lung cancer treatment. This positive outlook is supported by robust clinical data and Nuvalent’s solid financial health, despite recent net losses.

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