Robert W. Baird Raises Nuvalent (NASDAQ:NUVL) Price Target to $112.00

Nuvalent (NASDAQ:NUVLGet Free Report) had its price objective increased by stock analysts at Robert W. Baird from $105.00 to $112.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 41.54% from the company’s previous close.

A number of other research firms have also recently commented on NUVL. Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday. HC Wainwright restated a “buy” rating and set a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday. Leerink Partners lifted their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Friday, March 14th. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $119.60.

Check Out Our Latest Report on Nuvalent

Nuvalent Stock Performance

Shares of NUVL stock opened at $79.13 on Wednesday. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of -18.03 and a beta of 1.34. Nuvalent has a 52-week low of $55.54 and a 52-week high of $113.51. The company has a 50-day simple moving average of $74.57 and a two-hundred day simple moving average of $76.43.

Nuvalent (NASDAQ:NUVLGet Free Report) last released its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the company earned ($0.69) earnings per share. On average, sell-side analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Nuvalent

Several institutional investors have recently made changes to their positions in NUVL. Voya Investment Management LLC raised its stake in shares of Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock valued at $8,532,000 after purchasing an additional 7,414 shares during the period. Rhumbline Advisers boosted its stake in Nuvalent by 5.1% in the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company’s stock worth $3,761,000 after purchasing an additional 2,572 shares during the period. Strs Ohio purchased a new position in Nuvalent during the 1st quarter valued at about $404,000. Intech Investment Management LLC increased its position in shares of Nuvalent by 28.7% during the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company’s stock valued at $1,366,000 after buying an additional 4,293 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Nuvalent by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company’s stock worth $10,634,000 after buying an additional 12,123 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.

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Analyst Recommendations for Nuvalent (NASDAQ:NUVL)

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