Nuvalent (NASDAQ:NUVL) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Nuvalent (NASDAQ:NUVL - Free Report) had its target price raised by BMO Capital Markets from $132.00 to $134.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the company. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They set an "overweight" rating and a $100.00 target price for the company. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday. Guggenheim increased their target price on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. JPMorgan Chase & Co. upped their price target on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. Finally, Lifesci Capital raised Nuvalent to a "strong-buy" rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $112.60.

Nuvalent Price Performance

Shares of Nuvalent stock traded down $0.65 on Wednesday, reaching $90.34. The company had a trading volume of 488,977 shares, compared to its average volume of 439,193. The firm's 50-day moving average price is $97.05 and its two-hundred day moving average price is $82.84. Nuvalent has a 1 year low of $56.52 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the company earned ($0.59) earnings per share. Equities analysts expect that Nuvalent will post -3.52 EPS for the current year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now owns 33,300 shares of the company's stock, valued at approximately $2,804,859. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now owns 228,522 shares of the company's stock, valued at $19,300,968.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,804,859. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,122,629 shares of company stock valued at $207,180,508 in the last quarter. 12.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Darwin Global Management Ltd. increased its holdings in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company's stock worth $107,902,000 after buying an additional 1,379,266 shares during the last quarter. FMR LLC grew its position in Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company's stock worth $987,640,000 after buying an additional 786,257 shares during the last quarter. Samlyn Capital LLC acquired a new position in Nuvalent in the second quarter worth approximately $17,397,000. Logos Global Management LP acquired a new position in Nuvalent in the second quarter worth approximately $14,793,000. Finally, Dimensional Fund Advisors LP boosted its stake in Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock worth $26,409,000 after purchasing an additional 155,276 shares during the period. Hedge funds and other institutional investors 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.