Robert W. Baird Issues Positive Forecast for Nuvalent (NASDAQ:NUVL) Stock Price

Nuvalent (NASDAQ:NUVL) had its target price boosted by Robert W. Baird from $112.00 to $158.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages also recently commented on NUVL. Cantor Fitzgerald began coverage on Nuvalent in a report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 price target on the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $120.00 target price on shares of Nuvalent in a research note on Friday, October 31st. Stifel Nicolaus lifted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler boosted their target price on shares of Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Finally, Raymond James Financial initiated coverage on Nuvalent in a research report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price target on the stock. Thirteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $137.69.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $104.24 on Tuesday. The stock has a market capitalization of $7.58 billion, a P/E ratio of -19.59 and a beta of 1.31. The business has a 50-day moving average of $89.11 and a two-hundred day moving average of $81.25. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $112.53.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter last year, the company earned ($1.28) earnings per share. As a group, research analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the sale, the chief executive officer owned 249,062 shares of the company’s stock, valued at approximately $22,572,489.06. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 1,683 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total value of $144,014.31. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at approximately $5,282,578.38. This represents a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 246,071 shares of company stock worth $22,589,016 over the last 90 days. Insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently made changes to their positions in the business. US Bancorp DE raised its stake in Nuvalent by 10.0% during the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after acquiring an additional 188 shares in the last quarter. Kennedy Capital Management LLC grew its holdings in shares of Nuvalent by 3.7% in the 2nd quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company’s stock worth $420,000 after purchasing an additional 196 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Nuvalent by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 11,778 shares of the company’s stock worth $1,019,000 after purchasing an additional 220 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Nuvalent by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,290 shares of the company’s stock worth $285,000 after purchasing an additional 234 shares in the last quarter. Finally, Profund Advisors LLC lifted its holdings in Nuvalent by 2.7% during the 3rd quarter. Profund Advisors LLC now owns 10,687 shares of the company’s stock valued at $924,000 after purchasing an additional 279 shares during 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.