Nuvalent (NASDAQ:NUVL) Given New $145.00 Price Target at JPMorgan Chase & Co.

Nuvalent (NASDAQ:NUVL) had its price target cut by stock analysts at JPMorgan Chase & Co. from $147.00 to $145.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 40.35% from the stock’s previous close.

Several other brokerages also recently commented on NUVL. The Goldman Sachs Group raised their price target on shares of Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. UBS Group reiterated a “buy” rating on shares of Nuvalent in a research report on Wednesday. Piper Sandler lifted their price objective on Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Canaccord Genuity Group assumed coverage on Nuvalent in a research report on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. Finally, Leerink Partners upped their target price on Nuvalent from $140.00 to $149.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Fifteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.33.

Nuvalent Price Performance

NUVL stock traded up $1.91 during mid-day trading on Friday, reaching $103.32. 193,134 shares of the company traded hands, compared to its average volume of 542,647. The company has a fifty day moving average price of $100.07 and a 200-day moving average price of $86.34. Nuvalent has a 52-week low of $55.53 and a 52-week high of $112.88. The company has a market capitalization of $7.51 billion, a P/E ratio of -19.42 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter in the prior year, the company posted ($1.28) EPS. As a group, analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total value of $2,447,010.00. Following the completion of the sale, the chief executive officer owned 249,062 shares of the company’s stock, valued at $22,572,489.06. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Deborah Ann Miller sold 24,200 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $105.50, for a total transaction of $2,553,100.00. Following the transaction, the insider owned 49,086 shares in the company, valued at $5,178,573. The trade was a 33.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,017,433 shares of company stock worth $97,251,364. Company insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new position in shares of Nuvalent during the 3rd quarter valued at $38,000. Eastern Bank purchased a new stake in Nuvalent during the third quarter valued at about $52,000. Persistent Asset Partners Ltd bought a new position in shares of Nuvalent during the second quarter valued at about $88,000. Farther Finance Advisors LLC grew its stake in shares of Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after buying an additional 1,200 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Nuvalent by 253.8% in the second quarter. CWM LLC now owns 1,486 shares of the company’s stock worth $113,000 after buying an additional 1,066 shares during the period. Hedge funds and other institutional investors 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.