JPMorgan Chase & Co. Lowers Nuvalent (NASDAQ:NUVL) Price Target to $145.00

Nuvalent (NASDAQ:NUVL) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $147.00 to $145.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 40.35% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group started coverage on shares of Nuvalent in a report on Wednesday, November 12th. They issued a “buy” rating and a $126.00 target price for the company. Stifel Nicolaus upped their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Piper Sandler increased their price objective on shares of Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. The Goldman Sachs Group lifted their target price on shares of Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Finally, Truist Financial set a $140.00 target price on Nuvalent in a research note on Monday, November 24th. Fifteen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $138.33.

Nuvalent Price Performance

Shares of NUVL stock traded up $1.91 during trading hours on Friday, reaching $103.32. The company had a trading volume of 193,134 shares, compared to its average volume of 542,647. The company has a market cap of $7.51 billion, a price-to-earnings ratio of -19.42 and a beta of 1.31. Nuvalent has a 12 month low of $55.53 and a 12 month high of $112.88. The business has a fifty day simple moving average of $100.07 and a 200-day simple moving average of $86.34.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period last year, the company posted ($1.28) earnings per share. On average, equities research analysts expect that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 1,650 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $109.37, for a total transaction of $180,460.50. Following the completion of the transaction, the director directly owned 201,672 shares of the company’s stock, valued at approximately $22,056,866.64. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Deborah Ann Miller sold 24,200 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $105.50, for a total value of $2,553,100.00. Following the completion of the sale, the insider directly owned 49,086 shares of the company’s stock, valued at $5,178,573. This represents a 33.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, 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

Several institutional investors have recently added to or reduced their stakes in NUVL. Vanguard Group Inc. boosted its position in Nuvalent by 1.8% during the third quarter. Vanguard Group Inc. now owns 4,605,007 shares of the company’s stock worth $398,241,000 after purchasing an additional 80,883 shares during the period. Wellington Management Group LLP lifted its stake in shares of Nuvalent by 46.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after buying an additional 724,491 shares in the last quarter. State Street Corp boosted its holdings in Nuvalent by 4.2% in the 2nd quarter. State Street Corp now owns 1,490,279 shares of the company’s stock worth $113,708,000 after buying an additional 59,620 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Nuvalent by 11.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company’s stock worth $102,878,000 after buying an additional 152,692 shares during the period. Finally, Commodore Capital LP grew its stake in Nuvalent by 1.8% in the 3rd quarter. Commodore Capital LP now owns 1,400,000 shares of the company’s stock valued at $121,072,000 after buying an additional 25,000 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

About Nuvalent

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.