Nuvalent (NASDAQ:NUVL) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Nuvalent (NASDAQ:NUVL) had its price objective increased by BMO Capital Markets from $132.00 to $134.00 in a research note published on Wednesday morning,Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on NUVL. UBS Group started coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. Stifel Nicolaus lifted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Barclays assumed coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent Price Performance

Shares of NUVL opened at $86.88 on Wednesday. The firm has a 50 day simple moving average of $97.28 and a 200-day simple moving average of $83.17. Nuvalent has a 1-year low of $56.52 and a 1-year high of $113.51. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of -25.04 and a beta of 1.33.

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

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares of the company’s stock, valued at approximately $19,300,968.12. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,970,027. The trade was a 23.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,122,629 shares of company stock valued at $207,180,508. Insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC boosted its holdings in shares of Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after buying an additional 786,257 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the period. Darwin Global Management Ltd. boosted its holdings in shares of 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 buying an additional 1,379,266 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after buying an additional 400,402 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Nuvalent by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after buying an additional 73,429 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.