Nuvalent (NASDAQ:NUVL) Price Target Raised to $125.00

Nuvalent (NASDAQ:NUVL) had its target price lifted by stock analysts at JPMorgan Chase & Co. from $100.00 to $125.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 20.01% from the stock’s previous close.

Several other research firms also recently issued reports on NUVL. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. BMO Capital Markets increased their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Finally, Wedbush raised their price target on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $113.78.

Nuvalent Stock Up 0.6 %

Shares of NUVL stock traded up $0.66 during trading hours on Friday, hitting $104.16. 190,662 shares of the company’s stock traded hands, compared to its average volume of 440,151. The stock’s 50 day simple moving average is $85.62 and its 200 day simple moving average is $77.42. The stock has a market cap of $6.72 billion, a PE ratio of -43.24 and a beta of 1.29. Nuvalent has a 12 month low of $49.02 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL) last released 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 quarter in the previous year, the company earned ($0.51) EPS. As a group, equities research analysts expect that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Activity

In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total transaction of $795,100.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,647,683. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $79.59, for a total value of $159,180.00. Following the sale, the director now owns 230,522 shares of the company’s stock, valued at approximately $18,347,245.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,647,683. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,629 shares of company stock worth $10,494,558 over the last three months. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

Several hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in shares of Nuvalent in the second quarter worth about $44,000. Amalgamated Bank grew its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new position in Nuvalent during the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC grew its stake in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nuvalent during the first quarter valued at approximately $202,000. 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.