Nuvalent (NASDAQ:NUVL) Given New $149.00 Price Target at Leerink Partners

Nuvalent (NASDAQ:NUVL) had its price target lifted by Leerink Partners from $140.00 to $149.00 in a research note released on Monday morning, Marketbeat reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a research note on Wednesday, October 8th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, September 8th. Stifel Nicolaus initiated coverage on shares of Nuvalent in a research report on Thursday, October 16th. They set a “buy” rating and a $115.00 target price for the company. Guggenheim initiated coverage on shares of Nuvalent in a report on Thursday, September 4th. They set a “buy” rating and a $122.00 price target for the company. Finally, Piper Sandler lifted their price objective on Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.46.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $108.00 on Monday. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of -20.30 and a beta of 1.31. The business’s 50-day simple moving average is $88.60 and its 200-day simple moving average is $81.06. Nuvalent has a 52 week low of $55.53 and a 52 week high of $112.53.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the previous year, the business posted ($1.28) earnings per share. As a group, equities research analysts forecast that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 1,683 shares of the stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total value of $144,014.31. Following the completion of the sale, the chief financial officer owned 61,734 shares in the company, valued at approximately $5,282,578.38. This trade represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 32,455 shares of Nuvalent stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $100.27, for a total value of $3,254,262.85. Following the sale, the director directly owned 1,383,044 shares in the company, valued at approximately $138,677,821.88. This trade represents a 2.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 246,071 shares of company stock valued at $22,589,016. Company insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. RA Capital Management L.P. bought a new stake in shares of Nuvalent in the 3rd quarter worth approximately $107,794,000. Wellington Management Group LLP raised its stake in shares of Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after purchasing an additional 724,491 shares in the last quarter. Braidwell LP lifted its position in 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 period. Vestal Point Capital LP lifted its position in Nuvalent by 79.2% in the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock worth $76,239,000 after purchasing an additional 475,000 shares during the period. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in Nuvalent during the first quarter worth $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.