Nuvalent (NASDAQ:NUVL) Given New $140.00 Price Target at Leerink Partners

Nuvalent (NASDAQ:NUVL) had its target price hoisted by equities research analysts at Leerink Partners from $125.00 to $140.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Leerink Partners’ target price suggests a potential upside of 84.20% from the company’s current price.

A number of other analysts have also recently weighed in on NUVL. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. HC Wainwright lifted their price target on shares of Nuvalent from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Nuvalent Price Performance

Shares of Nuvalent stock traded up $0.03 during trading on Tuesday, reaching $76.01. 151,954 shares of the stock traded hands, compared to its average volume of 492,159. The business has a fifty day simple moving average of $74.11 and a two-hundred day simple moving average of $76.51. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of -17.24 and a beta of 1.34. Nuvalent has a 52-week low of $55.54 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period last year, the firm earned ($0.69) EPS. On average, research analysts predict that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. purchased a new stake in shares of Nuvalent during the fourth quarter valued at approximately $27,000. CWM LLC grew its position in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after purchasing an additional 359 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent in the 1st quarter worth approximately $38,000. Quarry LP bought a new position in Nuvalent in the 4th quarter worth $39,000. Finally, Covestor Ltd raised its stake in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares during the period. 97.26% of the stock is currently owned by 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.