The Goldman Sachs Group Issues Positive Forecast for Nuvalent (NASDAQ:NUVL) Stock Price

Nuvalent (NASDAQ:NUVL) had its price objective increased by The Goldman Sachs Group from $120.00 to $135.00 in a research report sent to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

NUVL has been the topic of a number of other research reports. Robert W. Baird increased their price objective on Nuvalent from $112.00 to $158.00 and gave the stock an “outperform” rating in a research report on Tuesday. Raymond James Financial assumed coverage on Nuvalent in a report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price target on the stock. Cantor Fitzgerald initiated coverage on Nuvalent in a research report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 price target for the company. Barclays set a $152.00 price objective on shares of Nuvalent in a research report on Monday. Finally, UBS Group lifted their target price on shares of Nuvalent from $114.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Thirteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $137.69.

Nuvalent Stock Down 3.5%

Shares of NUVL opened at $104.24 on Tuesday. Nuvalent has a twelve month low of $55.53 and a twelve month high of $112.53. The stock has a market cap of $7.58 billion, a PE ratio of -19.59 and a beta of 1.31. The business’s 50-day moving average price is $89.11 and its 200-day moving average price is $81.25.

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

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 32,455 shares of the stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $100.27, for a total value of $3,254,262.85. Following the sale, the director owned 1,383,044 shares of the company’s stock, valued at $138,677,821.88. This represents a 2.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 246,071 shares of company stock valued at $22,589,016. Corporate insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

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