Nuvalent (NASDAQ:NUVL) Sets New 1-Year High Following Analyst Upgrade

Nuvalent, Inc. (NASDAQ:NUVL)’s share price hit a new 52-week high during mid-day trading on Monday after BMO Capital Markets raised their price target on the stock from $102.00 to $132.00. BMO Capital Markets currently has an outperform rating on the stock. Nuvalent traded as high as $108.00 and last traded at $108.00, with a volume of 31499 shares traded. The stock had previously closed at $87.45.

Several other research analysts have also issued reports on the stock. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, Wedbush reissued an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research report on Monday, September 9th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $108.56.

Insider Activity

In other news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,511,819. The disclosure for this sale can be found here. Insiders have sold a total of 84,834 shares of company stock valued at $6,818,117 in the last 90 days. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

A number of institutional investors have recently made changes to their positions in NUVL. Rhenman & Partners Asset Management AB lifted its stake in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after purchasing an additional 26,918 shares during the period. Renaissance Capital LLC bought a new position in shares of Nuvalent in the 1st quarter worth approximately $1,301,000. Parkman Healthcare Partners LLC bought a new position in shares of Nuvalent in the 4th quarter worth approximately $4,406,000. Commodore Capital LP lifted its stake in shares of Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares during the period. Finally, Seven Eight Capital LP bought a new position in shares of Nuvalent in the 1st quarter worth approximately $1,172,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Up 21.2 %

The company’s 50 day moving average price is $79.27 and its two-hundred day moving average price is $75.65. The stock has a market cap of $6.84 billion, a P/E ratio of -43.98 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the company posted ($0.51) EPS. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

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.