Shares of Nuvalent (NASDAQ: NUVL) are up 35.3% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence, after the company announced favorable data in a trial for a key lung cancer drug.

In a press release Wednesday, the clinical-stage biopharma announced favorable preliminary safety and clinical-activity data from the phase 1 dose-escalation portion of its ongoing phase 1/2 clinical trial of its NVL-655 cancer drug for patients with advanced ALK-positive non-small cell lung cancer (NSCLC) and other solid tumors.

ALK stands for anaplastic lymphoma kinase, a gene that can lead to cancer when triggered. NVL-655 was designed to overcome challenges of emergent treatment resistance, brain metastases, and off-target central nervous system adverse events that could limit the use of currently available treatments. 

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Source Fool.com