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

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

Several other equities analysts have also commented on NUVL. Guggenheim initiated coverage on shares of Nuvalent in a research report on Thursday, September 4th. They set a “buy” rating and a $122.00 price target for the company. Raymond James Financial started coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price for the company. Canaccord Genuity Group assumed coverage on shares of Nuvalent in a research note on Wednesday, November 12th. They issued a “buy” rating and a $126.00 price target on the stock. Leerink Partners lifted their price target on Nuvalent from $140.00 to $149.00 and gave the company an “outperform” rating in a report on Monday. Finally, Piper Sandler increased their price objective on Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.69.

Nuvalent Trading Up 2.8%

Shares of NASDAQ NUVL opened at $107.13 on Monday. Nuvalent has a 12-month low of $55.53 and a 12-month high of $112.53. The company has a market cap of $7.79 billion, a price-to-earnings ratio of -20.14 and a beta of 1.31. The stock’s 50 day simple moving average is $89.68 and its 200 day simple moving average is $81.43.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the company posted ($1.28) earnings per share. As a group, equities analysts forecast that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total value of $2,447,010.00. Following the completion of the sale, the chief executive officer directly owned 249,062 shares in the company, valued at $22,572,489.06. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 24,200 shares of the stock in a transaction on Monday, November 17th. The shares were sold at an average price of $105.50, for a total value of $2,553,100.00. Following the transaction, the insider directly owned 49,086 shares of the company’s stock, valued at approximately $5,178,573. The trade was a 33.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 291,000 shares of company stock valued at $27,207,121. Insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors have recently modified their holdings of NUVL. New York State Common Retirement Fund grew its holdings in Nuvalent by 23.4% during the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock worth $1,485,000 after acquiring an additional 3,965 shares during the period. CWM LLC boosted its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after purchasing an additional 359 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Nuvalent by 31.7% during the 1st quarter. Victory Capital Management Inc. now owns 26,527 shares of the company’s stock valued at $1,881,000 after purchasing an additional 6,392 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Nuvalent by 19.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 9,305 shares of the company’s stock worth $660,000 after purchasing an additional 1,497 shares during the last quarter. Finally, Legato Capital Management LLC raised its holdings in shares of Nuvalent by 62.7% in the 1st quarter. Legato Capital Management LLC now owns 8,871 shares of the company’s stock worth $629,000 after purchasing an additional 3,420 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

About Nuvalent

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.