JPMorgan Chase & Co. Raises Nuvalent (NASDAQ:NUVL) Price Target to $125.00

Nuvalent (NASDAQ:NUVL) had its price objective increased by JPMorgan Chase & Co. from $100.00 to $125.00 in a research note published on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Barclays began coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an overweight rating and a $100.00 price objective for the company. Stifel Nicolaus lifted 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, September 16th. BMO Capital Markets lifted their price target on shares of Nuvalent from $102.00 to $132.00 and gave the company an outperform rating in a report on Monday, September 16th. Wedbush raised their target price on shares of Nuvalent from $99.00 to $115.00 and gave the stock an outperform rating in a report on Monday, September 16th. Finally, Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $113.78.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $104.93 on Friday. Nuvalent has a 1 year low of $49.02 and a 1 year high of $113.51. The firm has a market cap of $6.77 billion, a P/E ratio of -43.54 and a beta of 1.29. The firm’s 50 day moving average price is $86.56 and its 200 day moving average price is $77.79.

Nuvalent (NASDAQ:NUVL) last posted 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 firm earned ($0.51) earnings per share. As a group, equities analysts predict that Nuvalent will post -3.55 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other news, Director Emily Conley sold 5,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $80.72, for a total value of $403,600.00. Following the completion of the transaction, the director now owns 2,507 shares of the company’s stock, valued at approximately $202,365.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Emily Conley sold 5,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $80.72, for a total value of $403,600.00. Following the completion of the transaction, the director now owns 2,507 shares in the company, valued at $202,365.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,647,683. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 114,629 shares of company stock valued at $10,274,868 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after purchasing an additional 454,540 shares in the last quarter. Darwin Global Management Ltd. lifted its stake in Nuvalent by 2,390.5% during 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 last quarter. Commodore Capital LP boosted its holdings in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in shares of Nuvalent by 3.5% in the second 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 in 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.