What made Nuvalent (NUVL) stock jump significantly at market open? - Kalkine Media

October 28, 2022 07:43 AM PDT | By Rupam Roy
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Highlights:

  • The NUVL stock soared over 73 per cent on Friday.
  • Nuvalent, Inc. announced a preliminary Phase 1 clinical report for its product.
  • Nuvalent stock returned gains of over 92 per cent YTD.

Shares of biotechnology firm, Nuvalent, Inc. (NASDAQ: NUVL) were among the top percentage gainers soon after the US market opened on Friday, October 28, as seen by the notable jump in its price.

The NUVL stock soared over 73 per cent soon after the US market began its trading session on Friday, following its Phase 1 clinical data report on its product.

So, what's in the report of the Phase 1 clinical trial that might have helped in its recent gains? Let's find out:

Why is it rising?

Nuvalent is a biotechnology firm that specializes in chemistry and structure-based drug discovery. The clinical-stage biopharmaceutical firm claims to be precisely focusing on the targeted therapeutics to treat patients with cancer.

Meanwhile, the stock went up on Friday, after Nuvalent Inc. announced preliminary Phase 1 clinical data from the ARROS-1 trial.

ARROS-1 1/2 clinical trial of NVL-520, which is a novel brain-penetrant inhibitor, is used to treat patients suffering from advanced cell lung cancer.

It is primarily built to overcome the clinical obstacles of emergent treatment resistance, negative events relating to the central nervous system, and other related factors.

Chief Medical Officer of the firm, Christopher Turner lauded the report that showed the first look at the safety and clinical activity of the clinical trial.

Second quarter earnings highlights of Nuvalent Inc (NUVL)Source: ©Kalkine Media®; © Canva via Canva.com

Bottom line:

The price of the NUVL stock was US$ 38.2669 at 9:41 am ET on Friday, October 28, an increase of 73.94 per cent, and its trading volume totaled 1.37 million at the same time. The stocks closed at US$ 22 in the previous session.

The company said that the data from the clinical trial would be presented in an oral plenary session in Spain.

Meanwhile, the NUVL stock soared over 92 per cent for the year after today's significant gains, and on an annual basis, it rose around 49 per cent through Friday. In the running week, it surged over 88 per cent.


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