Nuvalent (NASDAQ:NUVL) PT Raised to $132.00

Nuvalent (NASDAQ:NUVL) had its price target increased by equities researchers at BMO Capital Markets from $102.00 to $132.00 in a report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 26.01% from the company’s previous close.

NUVL has been the subject of a number of other research reports. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Wedbush reissued an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research report on Monday, September 9th. Stifel Nicolaus raised their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday. Barclays began 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. Finally, 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 report on Wednesday, September 4th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Buy” and an average price target of $111.00.

Nuvalent Stock Performance

NASDAQ NUVL opened at $104.75 on Monday. The firm’s 50 day moving average price is $80.68 and its 200-day moving average price is $75.97. Nuvalent has a 52-week low of $39.86 and a 52-week high of $113.51. The company has a market cap of $6.76 billion, a PE ratio of -43.46 and a beta of 1.28.

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

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now owns 66,095 shares in the company, valued at $5,623,362.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the sale, the insider now owns 66,095 shares in the company, valued at approximately $5,623,362.60. The disclosure for this sale can be found here. Insiders have sold 84,834 shares of company stock worth $6,818,117 over the last 90 days. 12.52% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

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