Stifel Nicolaus Boosts Nuvalent (NASDAQ:NUVL) Price Target to $135.00

Nuvalent (NASDAQ:NUVL) had its price objective hoisted by Stifel Nicolaus from $115.00 to $135.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently commented on NUVL. JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a research report on Wednesday, September 4th. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an overweight rating and a $100.00 target price for the company. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Finally, Wedbush reiterated an outperform rating and set a $99.00 price objective on shares of Nuvalent in a research report on Monday, September 9th. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $111.00.

Nuvalent Trading Up 0.6 %

Shares of NASDAQ:NUVL opened at $103.25 on Monday. The company has a 50 day moving average of $81.25 and a 200-day moving average of $76.16. The firm has a market cap of $6.67 billion, a P/E ratio of -42.84 and a beta of 1.28. Nuvalent has a twelve month low of $41.16 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the company earned ($0.51) earnings per share. Equities research analysts forecast that Nuvalent will post -3.55 EPS for the current year.

Insider Activity

In other news, insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now owns 33,300 shares in the company, valued at $3,294,036. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the transaction, the director now directly owns 232,522 shares in the company, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Insiders sold 117,629 shares of company stock worth $10,062,198 over the last quarter. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of the stock. Algert Global LLC purchased a new position in Nuvalent in the second quarter valued at about $224,000. Driehaus Capital Management LLC lifted its holdings in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. Affinity Asset Advisors LLC grew its stake in shares of Nuvalent by 33.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock valued at $15,172,000 after buying an additional 50,000 shares in the last quarter. Squarepoint Ops LLC increased its holdings in Nuvalent by 62.2% in the second quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock worth $5,849,000 after buying an additional 29,571 shares during the last quarter. Finally, Fred Alger Management LLC raised its position in Nuvalent by 6.2% during the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after acquiring an additional 33,758 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other 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.