Robert W. Baird Issues Positive Forecast for Nuvalent (NASDAQ:NUVL) Stock Price

Nuvalent (NASDAQ:NUVL) had its price target boosted by equities research analysts at Robert W. Baird from $105.00 to $112.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 41.54% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Leerink Partners upped their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Friday, March 14th. HC Wainwright restated a “buy” rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday. Finally, Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.60.

Nuvalent Stock Performance

Shares of NUVL stock opened at $79.13 on Wednesday. The company has a market capitalization of $5.68 billion, a PE ratio of -18.03 and a beta of 1.34. Nuvalent has a 52-week low of $55.54 and a 52-week high of $113.51. The business’s fifty day moving average is $74.57 and its 200 day moving average is $76.43.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period last year, the company posted ($0.69) earnings per share. On average, sell-side analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors have recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC bought a new stake in shares of Nuvalent in the 4th quarter valued at about $87,689,000. Vestal Point Capital LP purchased a new position in Nuvalent in the 4th quarter worth approximately $46,968,000. Braidwell LP lifted its position in Nuvalent by 248.6% in the first quarter. Braidwell LP now owns 840,945 shares of the company’s stock valued at $59,640,000 after purchasing an additional 599,710 shares during the last quarter. Polar Capital Holdings Plc boosted its stake in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock valued at $74,109,000 after purchasing an additional 584,223 shares during the period. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of Nuvalent in the first quarter worth approximately $31,969,000. 97.26% of the stock is currently owned by hedge funds and other 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.