Nuvalent (NASDAQ:NUVL) Price Target Raised to $135.00 at The Goldman Sachs Group

Nuvalent (NASDAQ:NUVL) had its price objective increased by stock analysts at The Goldman Sachs Group from $120.00 to $135.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 26.43% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Guggenheim upped their target price on shares of Nuvalent from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday. Wedbush restated an “outperform” rating and set a $125.00 price objective (up from $120.00) on shares of Nuvalent in a report on Monday. Robert W. Baird lifted their target price on Nuvalent from $112.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, HC Wainwright upped their target price on Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Monday. Thirteen research analysts have rated the stock with a Buy rating and one has given a Sell 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 $137.69.

Nuvalent Price Performance

Shares of NASDAQ:NUVL traded down $1.23 on Tuesday, hitting $106.78. 524,583 shares of the company’s stock were exchanged, compared to its average volume of 526,159. Nuvalent has a 12 month low of $55.53 and a 12 month high of $112.53. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of -20.02 and a beta of 1.31. The business’s 50 day simple moving average is $88.60 and its two-hundred day simple moving average is $81.06.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the company posted ($1.28) EPS. Equities analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the sale, the chief executive officer owned 249,062 shares of the company’s stock, valued at approximately $22,572,489.06. This trade represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 1,683 shares of Nuvalent stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total value of $144,014.31. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,282,578.38. This represents a 2.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 246,071 shares of company stock worth $22,589,016 in the last three months. Corporate insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently added to or reduced their stakes in NUVL. CWM LLC lifted its position in shares of Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after buying an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent during the 1st quarter worth approximately $38,000. Aster Capital Management DIFC Ltd purchased a new stake in Nuvalent during the third quarter valued at approximately $38,000. Eastern Bank purchased a new stake in Nuvalent during the third quarter valued at approximately $52,000. Finally, Covestor Ltd boosted its stake in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after acquiring an additional 861 shares in the last quarter. 97.26% of the stock is currently owned by 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.