Leerink Partners Boosts Nuvalent (NASDAQ:NUVL) Price Target to $140.00

Nuvalent (NASDAQ:NUVL - Get Free Report) had its target price upped by analysts at Leerink Partners from $125.00 to $140.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Leerink Partners' price target would indicate a potential upside of 84.20% from the stock's current price.

Several other research analysts also recently commented on the stock. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Friday, March 14th. HC Wainwright increased their price target on shares of Nuvalent from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.44.

Nuvalent Price Performance

NASDAQ:NUVL traded up $0.03 during trading hours on Tuesday, reaching $76.01. 151,954 shares of the stock were exchanged, compared to its average volume of 492,159. The firm has a 50 day moving average of $74.11 and a 200 day moving average of $76.51. The stock has a market cap of $5.46 billion, a PE ratio of -17.24 and a beta of 1.34. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51.

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

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.20% 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 NUVL. Boxer Capital Management LLC acquired a new position in shares of Nuvalent during the 4th quarter worth about $87,689,000. Vestal Point Capital LP acquired a new stake in Nuvalent in the fourth quarter valued at approximately $46,968,000. Braidwell LP raised its holdings in Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company's stock valued at $59,640,000 after buying an additional 599,710 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after buying an additional 584,223 shares during the period. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Nuvalent in the 1st quarter valued at $31,969,000. Institutional investors and hedge funds 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.

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