Nuvalent (NASDAQ:NUVL) Price Target Raised to $134.00

Nuvalent (NASDAQ:NUVL) had its price target upped by BMO Capital Markets from $132.00 to $134.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 47.27% from the company’s previous close.

NUVL has been the topic of several other research reports. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Price Performance

NUVL opened at $90.99 on Wednesday. Nuvalent has a 1-year low of $55.33 and a 1-year high of $113.51. The stock has a market cap of $5.90 billion, a P/E ratio of -32.73 and a beta of 1.33. The stock’s 50 day simple moving average is $97.05 and its 200 day simple moving average is $82.84.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 10,500 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the sale, the insider now owns 66,095 shares in the company, valued at approximately $5,623,362.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Henry E. Pelish sold 10,500 shares of the 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 completion of the sale, the insider now directly owns 66,095 shares in the company, valued at approximately $5,623,362.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,122,629 shares of company stock worth $207,180,508 in the last three months. 12.52% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

Several large investors have recently bought and sold shares of the company. Darwin Global Management Ltd. boosted its stake in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares during the period. Samlyn Capital LLC acquired a new position in Nuvalent in the 2nd quarter worth $17,397,000. Logos Global Management LP purchased a new position in Nuvalent in the 2nd quarter valued at about $14,793,000. Dimensional Fund Advisors LP grew its stake in shares of Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Finally, First Turn Management LLC grew its stake in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after acquiring an additional 106,838 shares in the last quarter. Institutional investors and hedge funds 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.