Nuvalent (NASDAQ:NUVL) PT Raised to $115.00 at Wedbush

Nuvalent (NASDAQ:NUVL) had its price target upped by Wedbush from $99.00 to $115.00 in a research note published on Monday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued research reports about the company. BMO Capital Markets increased their target price on Nuvalent from $102.00 to $132.00 and gave the stock an outperform rating in a research note on Monday. Barclays started coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an overweight rating and a $100.00 target price on the stock. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the company a buy rating in a research note on Monday. Guggenheim raised their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a research note on Monday. Finally, JPMorgan Chase & Co. upped their target price on Nuvalent from $90.00 to $100.00 and gave the company an overweight rating in a research report on Wednesday, September 4th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $111.00.

Nuvalent Stock Performance

Nuvalent stock opened at $112.17 on Monday. The stock has a 50-day simple moving average of $80.06 and a 200 day simple moving average of $75.85. The stock has a market capitalization of $7.24 billion, a P/E ratio of -46.54 and a beta of 1.28. Nuvalent has a 52 week low of $39.86 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 for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the company posted ($0.51) earnings per share. Research analysts forecast that Nuvalent will post -3.55 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other news, 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 sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,936,394. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darlene Noci sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total value of $422,150.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,811,519. The disclosure for this sale can be found here. Insiders have sold a total of 84,834 shares of company stock worth $6,818,117 over the last 90 days. Insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in NUVL. Quest Partners LLC acquired a new position in shares of Nuvalent during the second quarter worth $44,000. Amalgamated Bank grew its position 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 buying an additional 198 shares during the last quarter. 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 lifted 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 bought a new stake in Nuvalent in the first quarter valued at approximately $202,000. 97.26% of the stock is owned by institutional investors.

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.