Nuvalent (NASDAQ:NUVL) Given New $135.00 Price Target at Stifel Nicolaus

Nuvalent (NASDAQ:NUVL) had its target price increased by stock analysts at Stifel Nicolaus from $115.00 to $135.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 54.37% from the company’s previous close.

Several other analysts have also weighed in on the stock. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. boosted their price target on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $105.22.

Nuvalent Stock Up 7.1 %

Nuvalent stock opened at $87.45 on Monday. The business has a 50 day moving average price of $79.27 and a two-hundred day moving average price of $75.65. Nuvalent has a 12 month low of $39.86 and a 12 month high of $89.89. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -36.29 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the business posted ($0.51) earnings per share. On average, analysts expect that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the transaction, the director now directly owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,834 shares of company stock worth $6,818,117. 12.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Algert Global LLC acquired a new stake in shares of Nuvalent in the 2nd quarter valued at $224,000. Driehaus Capital Management LLC boosted its holdings in Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after acquiring an additional 23,730 shares during the last quarter. Affinity Asset Advisors LLC increased its position in Nuvalent by 33.3% in the second quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock worth $15,172,000 after purchasing an additional 50,000 shares during the period. Squarepoint Ops LLC raised its holdings in Nuvalent by 62.2% during the 2nd quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock worth $5,849,000 after purchasing an additional 29,571 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after purchasing an additional 33,758 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

About Nuvalent

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.