HC Wainwright Issues Positive Forecast for Nuvalent (NASDAQ:NUVL) Stock Price

Nuvalent (NASDAQ:NUVL - Get Free Report) had its price objective raised by analysts at HC Wainwright from $110.00 to $130.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price objective indicates a potential upside of 73.62% from the company's previous close.

Separately, UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.00.

Nuvalent Stock Performance

NASDAQ NUVL traded down $1.10 during trading on Tuesday, reaching $74.88. 120,042 shares of the company's stock were exchanged, compared to its average volume of 492,083. The company has a 50 day moving average price of $74.11 and a two-hundred day moving average price of $76.51. The stock has a market cap of $5.38 billion, a P/E ratio of -17.05 and a beta of 1.34. Nuvalent has a 1 year low of $55.54 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the previous year, the firm posted ($0.69) earnings per share. Research analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVL. GAMMA Investing LLC boosted its holdings in shares of Nuvalent by 5,549.7% in the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after acquiring an additional 9,823 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Nuvalent in the fourth quarter valued at about $10,487,000. Rhumbline Advisers boosted its holdings in Nuvalent by 3.9% in the 4th quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock valued at $3,950,000 after purchasing an additional 1,896 shares in the last quarter. Candriam S.C.A. boosted its holdings in Nuvalent by 15.6% in the 4th quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after purchasing an additional 49,728 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Nuvalent by 3.9% during the 4th quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock worth $3,487,000 after purchasing an additional 1,685 shares during the period. 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.

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