Nuvalent’s (NUVL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Nuvalent (NASDAQ:NUVL) in a research report released on Friday,Benzinga reports. The firm currently has a $110.00 target price on the stock.

A number of other analysts also recently commented on NUVL. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

Nuvalent Trading Down 0.2 %

NUVL opened at $75.84 on Friday. Nuvalent has a twelve month low of $61.79 and a twelve month high of $113.51. The stock has a market cap of $5.39 billion, a PE ratio of -21.86 and a beta of 1.38. The business’s 50 day moving average is $86.35 and its 200-day moving average is $87.36.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the business earned ($0.59) EPS. As a group, analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Buying and Selling at Nuvalent

In related news, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This trade represents a 18.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,093,800 shares of company stock worth $203,221,944 over the last three months. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in Nuvalent in the 3rd quarter worth $205,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the period. Public Employees Retirement Association of Colorado acquired a new position in shares of Nuvalent during the second quarter valued at about $218,000. Finally, Algert Global LLC bought a new stake in shares of Nuvalent in the second quarter valued at about $224,000. 97.26% of the stock is owned by institutional investors.

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.