Nuvalent (NASDAQ:NUVL) Now Covered by Analysts at HC Wainwright

HC Wainwright started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note released on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $110.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on NUVL. BMO Capital Markets raised their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. UBS Group started coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Stock Down 3.0 %

NASDAQ NUVL opened at $77.87 on Monday. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -22.44 and a beta of 1.31. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The business has a fifty day moving average of $91.11 and a 200-day moving average of $87.37.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the firm posted ($0.59) EPS. As a group, analysts anticipate that Nuvalent will post -3.84 EPS for the current year.

Insiders Place Their Bets

In related news, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total value of $167,560.00. Following the sale, the director now owns 220,522 shares in the company, valued at $18,475,333.16. This represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,070,000 shares of company stock worth $202,035,390 in the last 90 days. 12.52% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

A number of hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new position in Nuvalent during the 2nd quarter worth $44,000. Amalgamated Bank grew its stake in Nuvalent by 21.8% in 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. Portland Investment Counsel Inc. bought a new stake in Nuvalent in the third quarter valued at about $205,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in Nuvalent during the 2nd quarter worth approximately $218,000. Institutional investors and hedge funds 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.