JPMorgan Chase & Co. Boosts Nuvalent (NASDAQ:NUVL) Price Target to $125.00

Nuvalent (NASDAQ:NUVL - Get Free Report) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $100.00 to $125.00 in a report released on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 19.13% from the stock's previous close.

A number of other research analysts have also recently issued reports on NUVL. BMO Capital Markets increased their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an "outperform" rating in a report on Monday, September 16th. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price objective for the company. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Wedbush raised their price target on Nuvalent from $99.00 to $115.00 and gave the company an "outperform" rating in a research report on Monday, September 16th. Finally, Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent currently has an average rating of "Moderate Buy" and an average price target of $113.78.

Nuvalent Stock Up 1.4 %

Shares of Nuvalent stock traded up $1.43 during trading on Friday, reaching $104.93. The company's stock had a trading volume of 308,522 shares, compared to its average volume of 440,765. The business has a 50 day moving average price of $86.09 and a 200-day moving average price of $77.61. Nuvalent has a 12-month low of $49.02 and a 12-month high of $113.51. The company has a market capitalization of $6.77 billion, a P/E ratio of -43.54 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the firm posted ($0.51) EPS. Research analysts predict that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In related news, insider Henry E. Pelish sold 32,795 shares of the company's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Henry E. Pelish sold 32,795 shares of the business's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,647,683. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock worth $10,494,558 over the last quarter. 12.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in Nuvalent in the second quarter valued at approximately $44,000. Amalgamated Bank raised its stake in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares during the period. SG Americas Securities LLC acquired a new position in shares of Nuvalent during the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock valued at $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new stake in Nuvalent during the 1st quarter worth $202,000. 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.