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

Nuvalent (NASDAQ:NUVL) had its price objective raised by Stifel Nicolaus from $115.00 to $135.00 in a report issued on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Lifesci Capital raised Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Barclays assumed coverage on Nuvalent in a research report on Thursday, August 29th. They issued an overweight rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. upped their price target on 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 price target on shares of Nuvalent in a research report on Monday, September 9th. One 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. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $111.00.

Nuvalent Trading Down 2.0 %

NUVL stock opened at $102.63 on Monday. The stock’s fifty day simple moving average is $80.68 and its two-hundred day simple moving average is $75.97. Nuvalent has a 1-year low of $41.16 and a 1-year high of $113.51. The stock has a market cap of $6.63 billion, a P/E ratio of -42.59 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 period last year, the firm earned ($0.51) earnings per share. As a group, analysts forecast that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was 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 in the company, valued at $18,652,914.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 117,629 shares of company stock valued at $10,062,198. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new position in Nuvalent in the 2nd quarter worth about $44,000. Amalgamated Bank increased its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the last quarter. SG Americas Securities LLC bought a new position in Nuvalent in the 1st quarter worth about $121,000. Allspring Global Investments Holdings LLC increased its stake in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in Nuvalent in the 1st quarter worth about $202,000. 97.26% of the stock is currently owned by 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.