Nuvalent (NASDAQ:NUVL) PT Raised to $132.00 at BMO Capital Markets

Nuvalent (NASDAQ:NUVL) had its price objective boosted by equities research analysts at BMO Capital Markets from $102.00 to $132.00 in a report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 24.53% from the stock’s current price.

Several other research analysts have also commented on the company. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday. Wedbush restated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research note on Monday, September 9th. Finally, Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Nuvalent currently has an average rating of “Buy” and an average price target of $108.56.

Nuvalent Stock Performance

Shares of NUVL opened at $106.00 on Monday. Nuvalent has a fifty-two week low of $39.86 and a fifty-two week high of $106.00. The company has a market capitalization of $6.84 billion, a PE ratio of -43.98 and a beta of 1.28. The stock has a fifty day moving average of $79.27 and a two-hundred day moving average of $75.65.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the business earned ($0.51) EPS. As a group, equities research analysts forecast that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Nuvalent news, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now directly owns 66,095 shares in the company, valued at $5,623,362.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The disclosure for this sale can be found here. Insiders have sold a total of 84,834 shares of company stock worth $6,818,117 over the last quarter. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new position in Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank boosted its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC raised its position in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the 1st quarter valued at $202,000. 97.26% of the stock is owned by 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.