Nuvalent (NASDAQ:NUVL) Lifted to “Strong Sell” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Nuvalent (NASDAQ:NUVL) to a strong sell rating in a research note issued to investors on Monday morning, Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Wedbush lifted their price target on Nuvalent from $99.00 to $115.00 and gave the stock an outperform rating in a research note on Monday. BMO Capital Markets raised their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an outperform rating in a report on Monday. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an overweight rating and a $100.00 price objective for the company. Lifesci Capital upgraded Nuvalent to a strong-buy rating in a report on Monday, July 29th. Finally, Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a buy rating in a research report on Monday. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Nuvalent currently has a consensus rating of Moderate Buy and an average price target of $111.00.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $102.63 on Monday. The business’s fifty day moving average is $80.68 and its 200 day moving average is $75.97. Nuvalent has a 52-week low of $41.16 and a 52-week high of $113.51. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of -42.59 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the company earned ($0.51) earnings per share. Equities analysts predict that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 32,795 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $3,294,036. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $2,511,819. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the sale, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. The disclosure for this sale can be found here. Insiders sold a total of 117,629 shares of company stock valued at $10,062,198 in the last quarter. 12.52% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC purchased a new position in shares of Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new position in Nuvalent during the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC grew its stake in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new stake in shares of Nuvalent during the first quarter worth $202,000. 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.