Wedbush Reiterates “Outperform” Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research note issued to investors on Tuesday,RTT News reports. They presently have a $115.00 price objective on the stock. Wedbush’s target price would suggest a potential upside of 27.30% from the stock’s previous close.

Several other equities research analysts also recently issued reports on NUVL. 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 target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. UBS Group assumed coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. Finally, Stifel Nicolaus boosted their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $90.34 on Tuesday. Nuvalent has a 1 year low of $56.52 and a 1 year high of $113.51. The firm’s 50 day moving average price is $97.16 and its 200 day moving average price is $82.89. The firm has a market cap of $5.85 billion, a P/E ratio of -26.03 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the business posted ($0.59) EPS. As a group, equities analysts predict that Nuvalent will post -3.52 EPS for the current year.

Insider Activity

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares in the company, valued at $19,300,968.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the transaction, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now owns 228,522 shares in the company, valued at approximately $19,300,968.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,122,629 shares of company stock worth $207,180,508 over the last 90 days. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in Nuvalent in the 2nd quarter worth $44,000. Amalgamated Bank grew its position in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Nuvalent in the 1st quarter worth $121,000. Mirae Asset Global Investments Co. Ltd. grew its position in Nuvalent by 21.6% in 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 last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Nuvalent by 9.2% during the 1st 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 period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.