Wedbush Boosts Nuvalent (NASDAQ:NUVL) Price Target to $115.00

Nuvalent (NASDAQ:NUVL) had its target price lifted by Wedbush from $99.00 to $115.00 in a research note released on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently commented on the company. Lifesci Capital raised Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a buy rating in a report on Monday. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $90.00 to $100.00 and gave the company an overweight rating in a research note on Wednesday, September 4th. Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a research note on Monday. Finally, Barclays initiated coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an overweight rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of Moderate Buy and a consensus price target of $111.00.

Nuvalent Trading Down 2.0 %

NUVL stock opened at $102.63 on Monday. Nuvalent has a 1-year low of $41.16 and a 1-year high of $113.51. The business’s 50 day simple moving average is $80.68 and its 200 day simple moving average is $75.97. The firm has a market capitalization of $6.63 billion, a PE ratio of -42.59 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued 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 earned ($0.51) EPS. As a group, sell-side analysts predict that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, June 24th. The stock was 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 in the company, valued at $18,652,914.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s 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 completion of the transaction, the director now owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,629 shares of company stock worth $10,062,198. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Darwin Global Management Ltd. grew its position 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 worth $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after purchasing an additional 1,205,668 shares in the last quarter. Commodore Capital LP grew its holdings 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 worth $97,951,000 after purchasing an additional 502,259 shares during the last quarter. Perceptive Advisors LLC increased its stake in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares during the period. Finally, Samlyn Capital LLC bought a new position in Nuvalent in the 2nd quarter valued at approximately $17,397,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.