Nuvalent (NASDAQ:NUVL) PT Raised to $100.00 at JPMorgan Chase & Co.

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

A number of other brokerages have also recently commented on NUVL. Stifel Nicolaus increased 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. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They set an overweight rating and a $100.00 price objective for the company. Finally, Wedbush reiterated an outperform rating and set a $9.00 target price on shares of Nuvalent in a report on Thursday, August 22nd. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $93.00.

Nuvalent Trading Up 1.5 %

NUVL stock opened at $86.25 on Wednesday. The company has a market cap of $5.57 billion, a price-to-earnings ratio of -35.79 and a beta of 1.28. The firm has a 50 day moving average of $77.95 and a 200-day moving average of $75.74. Nuvalent has a 12-month low of $39.86 and a 12-month high of $89.39.

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

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,290,374. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total transaction of $422,150.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,811,519. 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. Company insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new position in shares of Nuvalent in the 2nd quarter valued at $44,000. Amalgamated Bank boosted 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 purchasing an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the 1st quarter valued at $202,000. Institutional investors and hedge funds 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.