Guggenheim Increases Nuvalent (NASDAQ:NUVL) Price Target to $105.00

Nuvalent (NASDAQ:NUVL) had its price objective lifted by stock analysts at Guggenheim from $99.00 to $105.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential downside of 2.11% from the stock’s previous close.

NUVL has been the subject of several other research reports. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Wedbush reiterated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research report on Monday, September 9th. BMO Capital Markets upped their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday. Barclays started coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective for the company. Finally, Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $111.00.

Nuvalent Stock Up 22.7 %

NASDAQ:NUVL traded up $19.81 during trading hours on Monday, hitting $107.26. 1,707,908 shares of the stock were exchanged, compared to its average volume of 405,622. The company’s 50 day moving average is $79.27 and its two-hundred day moving average is $75.65. Nuvalent has a twelve month low of $39.86 and a twelve month high of $113.51. The company has a market capitalization of $6.92 billion, a P/E ratio of -44.49 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 the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the company posted ($0.51) EPS. On average, equities research analysts expect that Nuvalent will post -3.55 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,936,394. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,936,394. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Darlene Noci sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,811,519. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,834 shares of company stock worth $6,818,117. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Large investors have recently modified their holdings of the business. Quest Partners LLC acquired a new position in shares of Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank boosted its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent during the 1st quarter worth about $121,000. Allspring Global Investments Holdings LLC boosted its stake 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 worth $168,000 after buying an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent during the 1st quarter worth about $202,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.