By Josh Beckerman
Shares of Nuvalent hit a 52-week high and were recently up 30% after the company reported favorable preliminary data from a clinical trial of cancer drug NVL-655.
The stock was recently at $55.27 and peaked at $61.70 Wednesday. The stock price has more than doubled over 52 weeks.
The company posted favorable preliminary safety and clinical activity data from the Phase 1 dose-escalation portion of the trial for patients with advanced ALK-positive non-small cell lung cancer and other solid tumors. ALK stands for anaplastic lymphoma kinase, a gene that, when turned on, can lead to cancer.
NVL-655 was well-tolerated and treatment-related adverse events were generally mild, Nuvalent said.
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