Nuvalent (NASDAQ:NUVL) Price Target Raised to $112.00

Nuvalent (NASDAQ:NUVL - Get Free Report) had its price objective lifted by equities researchers at Robert W. Baird from $105.00 to $112.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price target indicates a potential upside of 46.24% from the company's current price.

NUVL has been the subject of several other research reports. UBS Group raised 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 upped their target price on shares of Nuvalent from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday. Wedbush reaffirmed an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday. Finally, Leerink Partners boosted their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $119.60.

Nuvalent Stock Up 0.8%

NASDAQ NUVL opened at $76.59 on Wednesday. The business's fifty day simple moving average is $74.23 and its 200-day simple moving average is $76.51. The firm has a market cap of $5.50 billion, a PE ratio of -17.66 and a beta of 1.34. Nuvalent has a 52 week low of $55.54 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) EPS for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the prior year, the firm earned ($0.69) EPS. Research analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent 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 transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Voya Investment Management LLC lifted its position in shares of Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock worth $8,532,000 after purchasing an additional 7,414 shares during the last quarter. Rhumbline Advisers lifted its holdings in Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after buying an additional 2,572 shares during the last quarter. Strs Ohio acquired a new position in shares of Nuvalent during the 1st quarter worth about $404,000. Intech Investment Management LLC increased its holdings in shares of Nuvalent by 28.7% in the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after acquiring an additional 4,293 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Nuvalent by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company's stock worth $10,634,000 after acquiring an additional 12,123 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

About Nuvalent

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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