Nuvalent (NASDAQ:NUVL) Price Target Raised to $134.00

Nuvalent (NASDAQ:NUVL) had its target price lifted by BMO Capital Markets from $132.00 to $134.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also commented on NUVL. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. Finally, Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent Trading Down 3.7 %

NASDAQ:NUVL opened at $86.88 on Wednesday. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of -25.04 and a beta of 1.33. Nuvalent has a twelve month low of $56.52 and a twelve month high of $113.51. The company has a 50-day moving average of $97.28 and a 200-day moving average of $83.08.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the company posted ($0.59) earnings per share. On average, research analysts forecast that Nuvalent will post -3.58 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $19,240,197.64. This represents a 12.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the sale, the director now directly owns 228,522 shares of the company’s stock, valued at $19,300,968.12. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,122,629 shares of company stock valued at $207,180,508. 12.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Darwin Global Management Ltd. increased its position in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after acquiring an additional 1,379,266 shares in the last quarter. FMR LLC increased its holdings in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after purchasing an additional 400,402 shares in the last quarter. Samlyn Capital LLC bought a new position in Nuvalent in the 2nd quarter worth approximately $17,397,000. Finally, Logos Global Management LP acquired a new position in Nuvalent during the 2nd quarter worth $14,793,000. 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.