Stifel Nicolaus Increases Nuvalent (NASDAQ:NUVL) Price Target to $135.00

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

NUVL has been the topic of a number of other research reports. Lifesci Capital raised Nuvalent to a strong-buy rating in a report on Monday, July 29th. Barclays started coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an overweight rating and a $100.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Nuvalent from $90.00 to $100.00 and gave the company an overweight rating in a research report on Wednesday, September 4th. Finally, Wedbush reaffirmed an outperform rating and set a $99.00 target price on shares of Nuvalent in a report on Monday, September 9th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $111.00.

Nuvalent Stock Up 28.3 %

NASDAQ NUVL opened at $112.17 on Monday. The firm has a market cap of $7.24 billion, a P/E ratio of -46.54 and a beta of 1.28. The company’s 50 day moving average is $80.06 and its 200-day moving average is $75.85. Nuvalent has a 12-month low of $39.86 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its 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 quarter last year, the company earned ($0.51) EPS. Equities analysts expect that Nuvalent will post -3.55 EPS for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’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 completion of the transaction, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now directly owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,515,482. The disclosure for this sale can be found here. Insiders have sold 84,834 shares of company stock valued at $6,818,117 over the last three months. 12.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently modified their holdings of NUVL. Rhenman & Partners Asset Management AB increased its holdings in shares of Nuvalent by 31.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after buying an additional 26,918 shares during the period. Renaissance Capital LLC purchased a new position in Nuvalent in the 1st quarter worth approximately $1,301,000. Parkman Healthcare Partners LLC purchased a new position in Nuvalent in the 4th quarter worth approximately $4,406,000. Commodore Capital LP boosted 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 purchasing an additional 502,259 shares during the period. Finally, Seven Eight Capital LP bought a new position in shares of Nuvalent in the first quarter worth approximately $1,172,000. 97.26% of the stock is owned by hedge funds and other 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.