Nuvalent (NASDAQ:NUVL) Given New $112.00 Price Target at Robert W. Baird

Nuvalent (NASDAQ:NUVL - Get Free Report) had its target price upped by equities research analysts at Robert W. Baird from $105.00 to $112.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 40.56% from the stock's previous close.

Other analysts have also issued reports about the stock. Wedbush reissued an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Tuesday. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. Leerink Partners upped their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, HC Wainwright restated a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and an average price target of $119.60.

Nuvalent Stock Up 0.7%

Nuvalent stock traded up $0.55 during midday trading on Wednesday, reaching $79.68. The stock had a trading volume of 2,067,676 shares, compared to its average volume of 504,012. Nuvalent has a 52-week low of $55.54 and a 52-week high of $113.51. The firm has a market cap of $5.72 billion, a price-to-earnings ratio of -18.15 and a beta of 1.34. The company has a fifty day moving average of $74.73 and a 200 day moving average of $76.33.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data 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 period in the prior year, the firm earned ($0.69) EPS. Equities research analysts predict that Nuvalent will post -3.86 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 8,630 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the sale, the insider now directly owns 63,101 shares in the company, valued at $5,039,876.87. This trade represents a 12.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,000 shares of company stock valued at $2,740,049. 10.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC lifted its holdings 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 valued at $8,532,000 after purchasing an additional 7,414 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after purchasing an additional 2,572 shares during the last quarter. Strs Ohio purchased a new stake in shares of Nuvalent during the 1st quarter valued at $404,000. Intech Investment Management LLC lifted its holdings in shares of Nuvalent by 28.7% during the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after purchasing an additional 4,293 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings 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 valued at $10,634,000 after purchasing an additional 12,123 shares during the last quarter. Hedge funds and other institutional investors 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.