Nuvalent (NASDAQ:NUVL) Price Target Raised to $140.00

Nuvalent (NASDAQ:NUVL) had its target price upped by Leerink Partners from $125.00 to $140.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Friday, March 14th. HC Wainwright reiterated a “buy” rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.60.

Nuvalent Stock Performance

NUVL opened at $79.13 on Tuesday. The company has a 50-day moving average of $74.57 and a 200-day moving average of $76.43. The company has a market capitalization of $5.68 billion, a P/E ratio of -18.03 and a beta of 1.34. Nuvalent has a 1-year low of $55.54 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly 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 period last year, the business posted ($0.69) earnings per share. As a group, sell-side analysts expect that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 10.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its position in Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after purchasing an additional 161 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Nuvalent by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock worth $288,000 after purchasing an additional 167 shares during the last quarter. Parkman Healthcare Partners LLC increased its stake in shares of Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock valued at $1,846,000 after purchasing an additional 188 shares during the period. GF Fund Management CO. LTD. raised its holdings in shares of Nuvalent by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company’s stock valued at $119,000 after buying an additional 302 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after buying an additional 309 shares during the last quarter. 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.