Nuvalent (NASDAQ:NUVL) Sets New 1-Year High Following Analyst Upgrade
Nuvalent (NASDAQ:NUVL) reached a new 52-week high after BMO Capital Markets upgraded its price target. The stock traded at a high of $X.XX, with a volume of 31,499 shares. Other analysts, including Stifel Nicolaus and JPMorgan, also raised their price targets, contributing to a consensus "Buy" rating. Insider trading activity included CFO Alexandra Balcom selling shares, while institutional investors increased their stakes. The stock has seen a 21.2% increase recently, with a market cap of $X.84 billion and a P/E ratio of -43.98.
Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday after BMO Capital Markets raised their price target on the stock from $102.00 to $132.00. BMO Capital Markets currently has an outperform rating on the stock. Nuvalent traded as high as $108.00 and last traded at $108.00, with a volume of 31499 shares traded. The stock had previously closed at $87.45.
Several other research analysts have also issued reports on the stock. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 4th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target for the company. Lifesci Capital upgraded shares of Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. Finally, Wedbush reissued an "outperform" rating and set a $99.00 price objective on shares of Nuvalent in a research report on Monday, September 9th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $108.56.
Read Our Latest Stock Report on NUVL
Insider Activity
In other news, CFO Alexandra Balcom sold 10,000 shares of the firm's stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares of the company's stock, valued at approximately $2,511,819. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now owns 232,522 shares of the company's stock, valued at approximately $18,652,914.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the firm's stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,511,819. The disclosure for this sale can be found here. Insiders have sold a total of 84,834 shares of company stock valued at $6,818,117 in the last 90 days. 12.52% of the stock is currently owned by insiders.
Institutional Trading of Nuvalent
A number of institutional investors have recently made changes to their positions in NUVL. Rhenman & Partners Asset Management AB lifted its stake in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company's stock worth $8,310,000 after purchasing an additional 26,918 shares during the period. Renaissance Capital LLC bought a new position in shares of Nuvalent in the 1st quarter worth approximately $1,301,000. Parkman Healthcare Partners LLC bought a new position in shares of Nuvalent in the 4th quarter worth approximately $4,406,000. Commodore Capital LP lifted its stake in shares of Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company's stock worth $97,951,000 after purchasing an additional 502,259 shares during the period. Finally, Seven Eight Capital LP bought a new position in shares of Nuvalent in the 1st quarter worth approximately $1,172,000. Hedge funds and other institutional investors own 97.26% of the company's stock.
Nuvalent Trading Up 21.2 %
The company's 50 day moving average price is $79.27 and its two-hundred day moving average price is $75.65. The stock has a market cap of $6.84 billion, a P/E ratio of -43.98 and a beta of 1.28.
Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the company posted ($0.51) EPS. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current year.
Nuvalent Company Profile
(Get Free Report)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.
Read More
- Five stocks we like better than Nuvalent
- Investing In Preferred Stock vs. Common Stock
- 3 Undervalued Stocks That Are Too Cheap to Ignore Right Now
- Pros And Cons Of Monthly Dividend Stocks
- The Analyst Edge: How to Use Expert Opinions
- Breakout Stocks: What They Are and How to Identify Them
- Micron Technology: 4 Reasons to Buy the 44% Price Dip
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
→ Protect Your Bank Account with THESE 4 Simple Steps (From Weiss Ratings) (Ad)
Should you invest $1,000 in Nuvalent right now?
Before you consider Nuvalent, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nuvalent wasn't on the list.
While Nuvalent currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
