Nuvalent (NASDAQ:NUVL) Price Target Raised to $100.00

Nuvalent (NASDAQ:NUVL) had its target price upped by JPMorgan Chase & Co. from $90.00 to $100.00 in a report issued on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They issued an overweight rating and a $100.00 price target on the stock. Stifel Nicolaus upped their price target on shares of Nuvalent from $103.00 to $115.00 and gave the company a buy rating in a report on Wednesday, July 10th. Wedbush reissued an outperform rating and set a $9.00 price target on shares of Nuvalent in a research report on Thursday, August 22nd. Finally, Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $93.00.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $86.25 on Wednesday. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of -35.79 and a beta of 1.28. The company has a fifty day moving average of $77.95 and a 200-day moving average of $75.70. Nuvalent has a 52-week low of $39.86 and a 52-week high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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 in the previous year, the company earned ($0.51) earnings per share. On average, equities research analysts forecast that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total value of $422,150.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,811,519. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’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 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 Securities & Exchange Commission, which is accessible through this link. Also, insider Darlene Noci sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,811,519. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,834 shares of company stock valued at $6,941,377. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC purchased a new position in shares of Nuvalent during the second quarter valued at approximately $44,000. Amalgamated Bank raised its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the last quarter. SG Americas Securities LLC bought a new stake in Nuvalent in the first quarter worth $121,000. Allspring Global Investments Holdings LLC grew its stake in shares of Nuvalent by 9.2% in the first 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 shares of Nuvalent during the first quarter valued at $202,000. 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.