Nuvalent (NASDAQ:NUVL) Price Target Raised to $149.00 at Leerink Partners

Nuvalent (NASDAQ:NUVL) had its price objective hoisted by analysts at Leerink Partners from $140.00 to $149.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Leerink Partners’ target price indicates a potential upside of 34.30% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. UBS Group upped their price target on Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, October 31st. The Goldman Sachs Group reissued a “buy” rating and issued a $120.00 target price on shares of Nuvalent in a report on Friday, October 31st. Raymond James Financial began coverage on Nuvalent in a research report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price target for the company. Barclays boosted their price objective on shares of Nuvalent from $100.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Canaccord Genuity Group began coverage on shares of Nuvalent in a report on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $125.08.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded up $14.45 during trading on Monday, hitting $110.95. 1,377,567 shares of the company were exchanged, compared to its average volume of 522,061. Nuvalent has a 1 year low of $55.53 and a 1 year high of $112.53. The company has a market cap of $8.07 billion, a price-to-earnings ratio of -20.88 and a beta of 1.31. The firm’s fifty day moving average price is $88.03 and its 200 day moving average price is $80.83.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the firm earned ($1.28) EPS. On average, research analysts forecast that Nuvalent will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Deborah Ann Miller sold 21,800 shares of Nuvalent stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $103.16, for a total value of $2,248,888.00. Following the completion of the sale, the insider owned 49,086 shares of the company’s stock, valued at $5,063,711.76. The trade was a 30.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 1,683 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $85.57, for a total value of $144,014.31. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,282,578.38. This trade represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 246,071 shares of company stock worth $22,589,016 over the last ninety days. Company insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of NUVL. CWM LLC grew its stake in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent in the first quarter valued at $38,000. Aster Capital Management DIFC Ltd purchased a new stake in Nuvalent during the third quarter valued at about $38,000. Eastern Bank acquired a new stake in Nuvalent during the third quarter worth about $52,000. Finally, Covestor Ltd increased its stake in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.