Wedbush Raises Nuvalent (NASDAQ:NUVL) Price Target to $115.00

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

Several other brokerages have also weighed in on NUVL. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a research report on Monday. Lifesci Capital upgraded Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They issued an overweight rating and a $100.00 price target for the company. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a buy rating in a research note on Monday. Finally, BMO Capital Markets lifted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an outperform rating in a research report on Monday. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent has a consensus rating of Moderate Buy and a consensus 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 cap of $6.67 billion, a price-to-earnings ratio of -42.84 and a beta of 1.28. Nuvalent has a fifty-two week low of $41.16 and a fifty-two week high of $113.51. The firm’s 50-day simple moving average is $81.25 and its 200-day simple moving average is $76.16.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 period in the previous year, the business earned ($0.51) earnings per share. On average, research analysts forecast that Nuvalent will post -3.55 EPS for the current year.

Insider Activity at Nuvalent

In other news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction on Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the transaction, the insider now owns 33,300 shares in the company, valued at approximately $3,294,036. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,290,374. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 117,629 shares of company stock worth $10,062,198. 12.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of NUVL. Principal Financial Group Inc. increased its position in Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares during the period. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. Swiss National Bank raised its stake in shares of Nuvalent by 0.8% in the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after acquiring an additional 400 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter valued at $44,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.