Robert W. Baird Forecasts Strong Price Appreciation for Nuvalent (NASDAQ:NUVL) Stock

Nuvalent (NASDAQ:NUVL) had its price objective lifted by Robert W. Baird from $105.00 to $112.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 46.24% from the company’s previous close.

Several other equities research analysts have also commented on NUVL. Leerink Partners boosted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday. HC Wainwright boosted their price objective on shares of Nuvalent from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $119.60.

Nuvalent Stock Performance

Nuvalent stock opened at $76.59 on Wednesday. The stock has a 50-day simple moving average of $74.23 and a 200-day simple moving average of $76.51. The company has a market capitalization of $5.50 billion, a P/E ratio of -17.66 and a beta of 1.34. Nuvalent has a fifty-two week low of $55.54 and a fifty-two week high of $113.51.

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

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. This represents a 9.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 10.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent during the 4th quarter valued at approximately $27,000. CWM LLC raised its holdings in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after purchasing an additional 359 shares during the period. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent during the first quarter worth $38,000. Quarry LP bought a new position in shares of Nuvalent in the 4th quarter worth about $39,000. Finally, Covestor Ltd boosted its holdings in shares of Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after buying an additional 861 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.