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

Nuvalent (NASDAQ:NUVL) had its price objective raised by BMO Capital Markets from $132.00 to $134.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 48.59% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Down 0.2 %

Shares of NUVL opened at $90.18 on Wednesday. Nuvalent has a twelve month low of $56.52 and a twelve month high of $113.51. The stock has a market cap of $5.84 billion, a PE ratio of -25.99 and a beta of 1.33. The business’s 50-day moving average price is $97.27 and its 200-day moving average price is $82.94.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the firm earned ($0.59) EPS. Analysts expect that Nuvalent will post -3.52 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 10,500 shares of the business’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 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 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now directly owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,122,629 shares of company stock valued at $207,180,508. Insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in Nuvalent by 9.2% in the 1st 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 during the last quarter. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the period. Swiss National Bank raised its position in Nuvalent by 0.8% during the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after purchasing an additional 400 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth approximately $44,000. 97.26% of the stock is 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.