Nuvalent (NASDAQ:NUVL) Stock Price Expected to Rise, Leerink Partners Analyst Says

Nuvalent (NASDAQ:NUVL - Free Report) had its price objective lifted by Leerink Partners from $125.00 to $140.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Leerink Partners currently has an outperform rating on the stock.

NUVL has been the topic of a number of other research reports. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $119.60.

Nuvalent Trading Up 0.8%

Shares of Nuvalent stock traded up $0.62 on Tuesday, hitting $79.75. 625,291 shares of the company traded hands, compared to its average volume of 544,617. The company has a market cap of $5.73 billion, a PE ratio of -18.17 and a beta of 1.34. The stock's 50 day moving average price is $74.57 and its 200-day moving average price is $76.43. Nuvalent has a 52 week low of $55.53 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter last year, the company earned ($0.69) earnings per share. As a group, research analysts anticipate that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm's 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 owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.20% of the company's stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Boxer Capital Management LLC acquired a new position in Nuvalent during the 4th quarter valued at approximately $87,689,000. Vestal Point Capital LP acquired a new position in shares of Nuvalent in the fourth quarter valued at about $46,968,000. Braidwell LP raised its stake in shares of Nuvalent by 248.6% in the first quarter. Braidwell LP now owns 840,945 shares of the company's stock worth $59,640,000 after purchasing an additional 599,710 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in shares of Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after purchasing an additional 584,223 shares during the period. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Nuvalent in the first quarter valued at approximately $31,969,000. 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.