BMO Capital Markets Raises Nuvalent (NASDAQ:NUVL) Price Target to $132.00

Nuvalent (NASDAQ:NUVL) had its target price upped by BMO Capital Markets from $102.00 to $132.00 in a report issued on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $90.00 to $100.00 and gave the company an overweight rating in a report on Wednesday, September 4th. Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an overweight rating and a $100.00 price objective for the company. Lifesci Capital raised Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the stock a buy rating in a research report on Monday. Finally, Wedbush reaffirmed an outperform rating and set a $99.00 price objective on shares of Nuvalent in a research report on Monday, September 9th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of Moderate Buy and a consensus price target of $111.00.

Nuvalent Stock Down 2.0 %

Shares of NASDAQ:NUVL opened at $102.63 on Monday. The business’s 50 day moving average is $80.68 and its 200 day moving average is $75.97. The stock has a market cap of $6.63 billion, a P/E ratio of -42.59 and a beta of 1.28. Nuvalent has a 52-week low of $41.16 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results 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 period last year, the company earned ($0.51) earnings per share. On average, sell-side analysts anticipate that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now owns 232,522 shares in the company, valued at $18,652,914.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the transaction, the director now owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 32,795 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. 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 owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Quest Partners LLC acquired a new position in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank boosted its holdings in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the first quarter worth $121,000. Allspring Global Investments Holdings LLC increased its stake 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 worth $168,000 after acquiring an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC purchased a new position in shares of Nuvalent during the first quarter worth $202,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.