Nuvalent (NASDAQ:NUVL) Given New $115.00 Price Target at Wedbush

Nuvalent (NASDAQ:NUVL) had its price objective increased by Wedbush from $99.00 to $115.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

NUVL has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a research note on Wednesday, September 4th. Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a research report on Monday. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a buy rating in a research report on Monday. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a report on Monday, July 29th. Finally, Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an overweight rating and a $100.00 target price for the company. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Buy and an average price target of $111.00.

Nuvalent Trading Up 28.3 %

Shares of NASDAQ:NUVL opened at $112.17 on Monday. Nuvalent has a 1-year low of $39.86 and a 1-year high of $113.51. The stock has a market capitalization of $7.24 billion, a P/E ratio of -46.54 and a beta of 1.28. The business has a 50-day moving average price of $80.06 and a two-hundred day moving average price of $75.85.

Nuvalent (NASDAQ:NUVL) last posted 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 period last year, the company earned ($0.51) EPS. As a group, equities analysts predict that Nuvalent will post -3.55 EPS for the current year.

Insider Buying and Selling

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated 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 approximately $2,290,374. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction that occurred 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 approximately $2,290,374. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 in the company, valued at approximately $2,515,482. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,834 shares of company stock valued at $6,818,117. Company insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Rhenman & Partners Asset Management AB boosted its stake in shares of Nuvalent by 31.3% during the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after buying an additional 26,918 shares during the last quarter. Renaissance Capital LLC bought a new stake in Nuvalent during the first quarter worth about $1,301,000. Parkman Healthcare Partners LLC acquired a new position in Nuvalent during the fourth quarter valued at approximately $4,406,000. Commodore Capital LP grew its stake in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after purchasing an additional 502,259 shares in the last quarter. Finally, Seven Eight Capital LP bought a new position in Nuvalent in the first quarter valued at approximately $1,172,000. 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.