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Recent IPO stock Nuvalent Therapeutics (NUVL) surged within striking distance of a record high Friday on promising test results in lung cancer.
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The company, whose initial public offering launched in July 2021, tested an experimental drug in patients with non-small cell lung cancer and mutations in a gene called ROS1. The American Lung Association estimates ROS1 genetic mutations occur in 1%-2% of lung cancer cases.
Nuvalent tested five dosing levels in 35 patients. So far, there have been no side effects potent enough to limit dosing, Nuvalent said in a news release. Further, seven out of nine patients with a specific mutation in the ROS1 gene responded to treatment. Out of 11 patients whose cancer had spread to the central nervous system, eight responded to treatment.
In response, the IPO stock skyrocketed 60.6% to 35.34. Earlier, shares surged almost 84% to 40.43. That put Nuvalent stock close to a record high at 40.82.
IPO Stock: Targeting A Key Mutation
Nuvalent’s drug, known as NVL-520, aims to inhibit proteins created by the mutated ROS1 gene.
The biotech company also believes NVL-520 has the ability to penetrate the blood-brain barrier, a component of the immune system that typically prevents bacteria, viruses, fungi, parasites and drugs from traveling between the body and the brain. This is a key challenge in treating patients whose cancer has spread to their brains or elsewhere in the central nervous system.
Current drugs in the same class “have key limitations,” Dr. Alexander Drilon, who heads up early drug development at Memorial Sloan Kettering Cancer Center, said in a written statement. Drilon was an investigator in Nuvalent’s study and presented the results. “These include the inability to treat on-target resistance and brain metastases effectively, and an association with neurologic events.”
Bullishly for the IPO stock, more than half of patients who had previously received at least two treatments responded to NVL-520. Half of the patients previously treated with Pfizer’s Lorbrena or Roche’s Rozlytrek responded to Nuvalent’s drug. Notably, Rozlytrek targets ROS1 mutations.
“We believe today’s preliminary results further support Nuvalent’s approach of applying innovative chemistry and structure-based drug design to well-defined target product profiles focused on addressing medical needs that have been identified in collaboration with leading physician-scientists,” Nuvalent Chief Executive James Porter said in a written statement.
Adding Onto A Recent Breakout
IPO stock Nuvalent has a strong Relative Strength Rating of 98 out of a best-possible 99. This means shares rank in the leading 2% of all stocks in terms of 12-month performance, according to IBD Digital.
Last month, Nuvalent shares broke out of a consolidation with a buy point at 18,96, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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