Nuvalent (NASDAQ:NUVL) Price Target Raised to $155.00 at Guggenheim

Nuvalent (NASDAQ:NUVL) had its price objective boosted by Guggenheim from $125.00 to $155.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also commented on the company. Wedbush reiterated an “outperform” rating and issued a $125.00 target price (up from $120.00) on shares of Nuvalent in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a report on Wednesday, October 8th. HC Wainwright increased their price objective on shares of Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a report on Monday. UBS Group boosted their target price on shares of Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Piper Sandler increased their price target on shares of 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $137.69.

Nuvalent Stock Down 3.5%

Shares of NASDAQ:NUVL opened at $104.24 on Tuesday. Nuvalent has a 52-week low of $55.53 and a 52-week high of $112.53. The stock’s fifty day simple moving average is $89.11 and its 200-day simple moving average is $81.25. The company has a market capitalization of $7.58 billion, a P/E ratio of -19.59 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the previous year, the business posted ($1.28) EPS. On average, sell-side analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Transactions at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 14,205 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $90.04, for a total value of $1,279,018.20. Following the completion of the sale, the insider owned 65,963 shares of the company’s stock, valued at $5,939,308.52. This trade represents a 17.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexandra Balcom sold 20,000 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $5,464,076.34. This represents a 24.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 246,071 shares of company stock worth $22,589,016 over the last 90 days. 10.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC raised its position in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after purchasing an additional 359 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Nuvalent during the 3rd quarter worth $38,000. ANTIPODES PARTNERS Ltd bought a new position in Nuvalent during the 1st quarter worth $38,000. Eastern Bank acquired a new stake in Nuvalent in the third quarter worth $52,000. Finally, Covestor Ltd lifted its stake in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after buying an additional 861 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.