Nuvalent’s (NUVL) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Nuvalent (NASDAQ:NUVL) in a research report released on Monday,Benzinga reports. They currently have a $110.00 price objective on the stock.

Several other equities research analysts have also recently commented on NUVL. Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. BMO Capital Markets boosted their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Nuvalent Stock Performance

Shares of NUVL opened at $71.03 on Monday. The stock has a 50 day simple moving average of $80.12 and a 200 day simple moving average of $88.51. Nuvalent has a 52-week low of $61.80 and a 52-week high of $113.51. The firm has a market capitalization of $5.05 billion, a PE ratio of -20.47 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Equities research analysts predict that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $197,845.44. Following the transaction, the insider now directly owns 59,981 shares of the company’s stock, valued at $4,779,286.08. This represents a 3.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the completion of the transaction, the director now directly owns 220,522 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 110,800 shares of company stock worth $8,895,004. Company insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Several large investors have recently modified their holdings of NUVL. Creative Planning acquired a new stake in shares of Nuvalent during the 3rd quarter worth $232,000. Mirae Asset Global Investments Co. Ltd. grew 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 in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Nuvalent by 29.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock worth $2,201,000 after purchasing an additional 4,957 shares in the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Nuvalent during the 3rd quarter worth $716,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of Nuvalent during the 3rd quarter worth $2,412,000. 97.26% of the stock is 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.