JPMorgan Chase & Co. Raises Nuvalent (NASDAQ:NUVL) Price Target to $100.00

Nuvalent (NASDAQ:NUVL) had its target price upped by JPMorgan Chase & Co. from $90.00 to $100.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on the company. Barclays assumed coverage on Nuvalent in a research report on Thursday, August 29th. They set an overweight rating and a $100.00 target price on the stock. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Wedbush reaffirmed an outperform rating and issued a $9.00 target price on shares of Nuvalent in a research report on Thursday, August 22nd. Finally, Stifel Nicolaus upped their price objective on shares of Nuvalent from $103.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $93.00.

Nuvalent Stock Up 1.5 %

NASDAQ NUVL opened at $86.25 on Wednesday. Nuvalent has a 52 week low of $39.86 and a 52 week high of $89.39. The firm has a 50 day moving average of $77.95 and a two-hundred day moving average of $75.74. The stock has a market capitalization of $5.57 billion, a PE ratio of -35.79 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period in the previous year, the business posted ($0.51) EPS. On average, equities research analysts expect that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total value of $422,150.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,811,519. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,811,519. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the sale, the director now directly owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The disclosure for this sale can be found here. In the last three months, insiders sold 86,834 shares of company stock valued at $6,941,377. Insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Quest Partners LLC purchased a new stake in Nuvalent during the 2nd quarter valued at approximately $44,000. Amalgamated Bank lifted its holdings 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 buying an additional 198 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the 1st quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in Nuvalent during the first quarter worth $202,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.