Nuvalent (NASDAQ:NUVL) Price Target Raised to $135.00

Nuvalent (NASDAQ:NUVL) had its target price lifted by Stifel Nicolaus from $115.00 to $135.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. raised their price target on Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a research report on Wednesday, September 4th. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They set an overweight rating and a $100.00 price target on the stock. Lifesci Capital upgraded Nuvalent to a strong-buy rating in a report on Monday, July 29th. Finally, Wedbush reiterated an outperform rating and issued a $99.00 price objective on shares of Nuvalent in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $111.00.

Nuvalent Trading Down 2.0 %

Shares of Nuvalent stock opened at $102.63 on Monday. The firm has a market capitalization of $6.63 billion, a PE ratio of -42.59 and a beta of 1.28. The business’s 50-day moving average price is $80.68 and its 200-day moving average price is $75.97. Nuvalent has a 12 month low of $41.16 and a 12 month 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 the consensus estimate of ($0.76) by ($0.12). During the same period last year, the company posted ($0.51) earnings per share. As a group, analysts predict that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,936,394. The disclosure for this sale can be found here. Insiders sold a total of 117,629 shares of company stock worth $10,062,198 in the last quarter. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank increased its holdings in shares of Nuvalent by 11.7% in the 4th quarter. Swiss National Bank now owns 50,500 shares of the company’s stock worth $3,716,000 after purchasing an additional 5,300 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Nuvalent by 8.1% in the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after purchasing an additional 285 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Nuvalent by 19.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 236,881 shares of the company’s stock worth $17,432,000 after purchasing an additional 38,895 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Nuvalent by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after purchasing an additional 18,263 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Nuvalent by 1.4% in 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. Institutional investors own 97.26% of the company’s stock.

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.