Nuvalent (NASDAQ:NUVL) Given New $135.00 Price Target at The Goldman Sachs Group

Nuvalent (NASDAQ:NUVL) had its target price lifted by The Goldman Sachs Group from $120.00 to $135.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 26.43% from the stock’s previous close.

NUVL has been the subject of a number of other reports. Stifel Nicolaus boosted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday. UBS Group lifted their price objective on Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Guggenheim upped their target price on Nuvalent from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James Financial began coverage on Nuvalent in a report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $125.00 price target (up from $120.00) on shares of Nuvalent in a report on Monday. Thirteen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.69.

Nuvalent Stock Down 1.1%

Shares of Nuvalent stock traded down $1.23 on Tuesday, reaching $106.78. 524,583 shares of the stock were exchanged, compared to its average volume of 526,159. The business has a 50 day moving average price of $88.60 and a two-hundred day moving average price of $81.06. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of -20.02 and a beta of 1.31. Nuvalent has a twelve month low of $55.53 and a twelve month high of $112.53.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the prior year, the firm earned ($1.28) EPS. Research analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Buying and Selling

In other news, Director Matthew Shair sold 32,455 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $100.27, for a total value of $3,254,262.85. Following the completion of the sale, the director directly owned 1,383,044 shares in the company, valued at $138,677,821.88. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $88.51, for a total value of $1,770,200.00. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,464,076.34. This trade represents a 24.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 246,071 shares of company stock worth $22,589,016 in the last ninety days. 10.20% of the stock is owned by corporate insiders.

Institutional Trading of Nuvalent

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