Nuvalent (NASDAQ:NUVL) PT Raised to $115.00

Nuvalent (NASDAQ:NUVL) had its target price boosted by Wedbush from $99.00 to $115.00 in a report issued on Monday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also issued reports on the company. Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a buy rating in a research report on Monday. Lifesci Capital upgraded Nuvalent to a strong-buy rating in a report on Monday, July 29th. BMO Capital Markets upped their target price on Nuvalent from $102.00 to $132.00 and gave the company an outperform rating in a research report on Monday. JPMorgan Chase & Co. raised their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a research report on Wednesday, September 4th. Finally, Guggenheim upped their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a buy rating in a report on Monday. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent presently has an average rating of Moderate Buy and an average price target of $111.00.

Nuvalent Stock Up 0.6 %

Shares of NASDAQ:NUVL opened at $103.25 on Monday. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of -42.84 and a beta of 1.28. The company has a 50 day moving average of $81.25 and a two-hundred day moving average of $76.16. Nuvalent has a 52-week low of $41.16 and a 52-week high of $113.51.

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

Insider Buying and Selling

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total value 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 disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock worth $10,062,198 over the last ninety days. 12.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC acquired a new stake in Nuvalent in the second quarter worth $44,000. Amalgamated Bank grew its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the 1st quarter worth about $121,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC bought a new stake in Nuvalent in the 1st quarter valued at about $202,000. 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.