Nuvalent (NASDAQ:NUVL) Reaches New 1-Year High Following Analyst Upgrade

Nuvalent, Inc. (NASDAQ:NUVL)’s share price reached a new 52-week high during trading on Monday after Wedbush raised their price target on the stock from $99.00 to $115.00. Wedbush currently has an outperform rating on the stock. Nuvalent traded as high as $108.00 and last traded at $108.00, with a volume of 31499 shares. The stock had previously closed at $87.45.

NUVL has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Guggenheim increased their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday. Finally, BMO Capital Markets upped their price objective on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $111.00.

Insider Activity

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was 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 of the company’s stock, valued at $2,936,394. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 232,522 shares in the company, valued at $18,652,914.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,936,394. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,834 shares of company stock valued at $6,818,117. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

Large investors have recently added to or reduced their stakes in the business. Darwin Global Management Ltd. increased its stake in Nuvalent by 2,390.5% during 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. Vanguard Group Inc. boosted its holdings in shares of Nuvalent by 56.5% in the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after acquiring an additional 1,205,668 shares in the last quarter. Commodore Capital LP increased its stake in shares of Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares during the period. Perceptive Advisors LLC raised its holdings in Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after purchasing an additional 454,540 shares in the last quarter. Finally, Samlyn Capital LLC bought a new stake in Nuvalent during the second quarter worth approximately $17,397,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Stock Up 28.3 %

The business has a 50-day simple moving average of $80.06 and a two-hundred day simple moving average of $75.85. The stock has a market capitalization of $7.24 billion, a price-to-earnings ratio of -46.54 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the company posted ($0.51) EPS. On average, analysts forecast that Nuvalent, Inc. will post -3.55 EPS for the current year.

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.