Nuvalent (NASDAQ:NUVL) Price Target Raised to $130.00

Nuvalent (NASDAQ:NUVL) had its target price boosted by equities research analysts at HC Wainwright from $110.00 to $130.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 73.62% from the stock’s current price.

Separately, UBS Group upgraded 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. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Nuvalent Trading Down 1.5%

Shares of NUVL traded down $1.10 during trading hours on Tuesday, reaching $74.88. The company had a trading volume of 120,042 shares, compared to its average volume of 492,083. The firm has a 50 day simple moving average of $74.11 and a 200-day simple moving average of $76.51. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -17.05 and a beta of 1.34. Nuvalent has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the business posted ($0.69) EPS. Sell-side analysts forecast that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, 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 SEC, which can be accessed through this hyperlink. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of NUVL. Crowley Wealth Management Inc. acquired a new stake in Nuvalent during the fourth quarter worth approximately $27,000. CWM LLC increased its stake in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares during the last quarter. Quarry LP acquired a new stake in Nuvalent during the 4th quarter worth approximately $39,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Nuvalent in the 1st quarter valued at $38,000. Finally, Covestor Ltd lifted its stake in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after purchasing an additional 861 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

About Nuvalent

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.