Shares of Nuvalent, Inc. (NASDAQ: NUVL) are currently trading at $33.04 with a gain of +11.04 (+50.18%). More than 3,014,366 shares had exchanged hands at the time of the writing this article.
So why did the shares surge today ?
Nuvalent, Inc. (NASDAQ: NUVL), a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for clinically proven kinase targets in cancer. The company announced that the initial data from the Phase 1 dose-escalation portion of its ongoing ARROS-1 Phase 1/2 clinical trial of NVL-520 for patients with advanced ROS1-positive non-small cell lung cancer (NSCLC) and other solid tumors. ROS1 (c-ros oncogene) is one gene with druggable mutations in NSCLC. ROS1 is currently targeted by several specific tyrosine kinase inhibitors (TKIs), but only two of these, crizotinib and entrectinib, have received Food and Drug Administration (FDA) approval.
These data will be presented at the “New Drugs on the Horizon” oral plenary session at the 34th EORTC-NCI-AACR (ENA) Symposium in Barcelona, Spain.
ROS1 (c-ros oncogene) is one gene with druggable mutations in NSCLC. ROS1 is currently targeted by several specific tyrosine kinase inhibitors (TKIs), but only two of these, crizotinib and entrectinib, have received Food and Drug Administration (FDA) approval.
As per the press release, NVL-520 is a novel brain-penetrant ROS1-selective inhibitor created with the aim to simultaneously overcome the clinical challenges of emergent treatment resistance, off-target central nervous system (CNS) adverse events, and brain metastases that may limit the use of currently available ROS1 tyrosine kinase inhibitors (TKIs).
NUVL currently has a 52 week of $7.09 – $40.43 and considering the recent positive news from the company it is quite possible that the stock could break its 52 week high.
