Stifel Nicolaus Raises Nuvalent (NASDAQ:NUVL) Price Target to $135.00

Nuvalent (NASDAQ:NUVL) had its target price raised by research analysts at Stifel Nicolaus from $115.00 to $135.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 54.37% from the company’s current price.

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

Nuvalent Trading Up 7.1 %

Shares of NASDAQ:NUVL opened at $87.45 on Monday. Nuvalent has a twelve month low of $39.86 and a twelve month high of $89.89. The firm has a market cap of $5.65 billion, a P/E ratio of -36.29 and a beta of 1.28. The company has a 50 day moving average of $79.27 and a 200-day moving average of $75.65.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the business earned ($0.51) EPS. Equities research analysts forecast that Nuvalent will post -3.55 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Monday, July 1st. The shares were sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,515,482. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the 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 transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,511,819. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,834 shares of company stock worth $6,818,117. 12.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NUVL. Rhenman & Partners Asset Management AB grew its position in shares of Nuvalent by 31.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares during the last quarter. Renaissance Capital LLC acquired a new stake in Nuvalent in the 1st quarter valued at approximately $1,301,000. Parkman Healthcare Partners LLC acquired a new stake in Nuvalent in the 4th quarter valued at approximately $4,406,000. Commodore Capital LP increased its position in Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the period. Finally, Seven Eight Capital LP acquired a new position in shares of Nuvalent during the first quarter worth approximately $1,172,000. Institutional investors 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.