BMO Capital Markets Forecasts Strong Price Appreciation for Nuvalent (NASDAQ:NUVL) Stock

Nuvalent (NASDAQ:NUVL) had its target price raised by BMO Capital Markets from $132.00 to $134.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $86.88 on Wednesday. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of -25.04 and a beta of 1.33. The company has a 50 day moving average of $97.28 and a 200-day moving average of $83.08. Nuvalent has a one year low of $56.52 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the business earned ($0.59) EPS. Equities research analysts anticipate that Nuvalent will post -3.58 earnings per share for the current year.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,804,859. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Henry E. Pelish sold 10,500 shares of the company’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 transaction, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,122,629 shares of company stock valued at $207,180,508. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank raised 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 purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the 1st quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC raised its position in 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 acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent during the 1st quarter worth about $202,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.