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

Nuvalent (NASDAQ:NUVL) had its price objective raised by investment analysts at BMO Capital Markets from $132.00 to $134.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price target indicates a potential upside of 47.27% from the company’s previous close.

NUVL has been the topic of a number of other reports. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Guggenheim boosted their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Tuesday. Finally, Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, one has given 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, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $90.99 on Wednesday. The company’s 50-day moving average is $97.05 and its 200 day moving average is $82.84. Nuvalent has a fifty-two week low of $55.33 and a fifty-two week high of $113.51. The company has a market capitalization of $5.90 billion, a P/E ratio of -32.73 and a beta of 1.33.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $84.46, for a total value of $168,920.00. Following the sale, the director now owns 228,522 shares in the company, valued at $19,300,968.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the transaction, the director now owns 228,522 shares in the company, valued at $19,300,968.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,122,629 shares of company stock valued at $207,180,508 over the last ninety days. 12.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new position in Nuvalent in the second quarter valued at approximately $1,191,000. Seven Eight Capital LP acquired a new stake in Nuvalent during the 1st quarter worth $1,172,000. Vanguard Group Inc. boosted its stake in Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Finally, Samlyn Capital LLC purchased a new position in shares of Nuvalent during the second quarter worth about $17,397,000. 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.