Nuvalent (NASDAQ:NUVL) Price Target Raised to $135.00

Nuvalent (NASDAQ:NUVL) had its price objective hoisted by analysts at Stifel Nicolaus from $115.00 to $135.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 21.33% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. HC Wainwright boosted their target price on shares of Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Monday. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, September 8th. The Goldman Sachs Group restated a “buy” rating and issued a $120.00 price target on shares of Nuvalent in a research report on Friday, October 31st. Leerink Partners boosted their target price on shares of Nuvalent from $140.00 to $149.00 and gave the company an “outperform” rating in a report on Monday. Finally, Barclays increased their price target on Nuvalent from $100.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Thirteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.62.

Nuvalent Trading Up 15.3%

NASDAQ:NUVL traded up $14.77 on Monday, hitting $111.27. The company had a trading volume of 1,466,220 shares, compared to its average volume of 522,219. Nuvalent has a 52 week low of $55.53 and a 52 week high of $112.53. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of -20.92 and a beta of 1.31. The firm has a 50 day moving average of $88.03 and a two-hundred day moving average of $80.83.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period last year, the business earned ($1.28) earnings per share. As a group, equities analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company’s stock, valued at $22,572,489.06. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 32,455 shares of the stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $100.27, for a total value of $3,254,262.85. Following the completion of the transaction, the director owned 1,383,044 shares in the company, valued at approximately $138,677,821.88. This represents a 2.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 246,071 shares of company stock valued at $22,589,016. 10.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after acquiring an additional 724,491 shares in the last quarter. Braidwell LP raised its stake in shares of Nuvalent by 248.6% in the first quarter. Braidwell LP now owns 840,945 shares of the company’s stock worth $59,640,000 after purchasing an additional 599,710 shares during the last quarter. Vestal Point Capital LP lifted its holdings in shares of Nuvalent by 79.2% in the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock valued at $76,239,000 after purchasing an additional 475,000 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Nuvalent during the first quarter valued at approximately $31,969,000. Finally, Norges Bank bought a new stake in Nuvalent during the second quarter worth $28,582,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.