Nuvalent (NASDAQ:NUVL) Coverage Initiated by Analysts at HC Wainwright

Research analysts at HC Wainwright started coverage on shares of Nuvalent (NASDAQ:NUVL) in a report released on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $110.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 36.99% from the stock’s previous close.

Several other brokerages have also recently issued reports on NUVL. Wedbush restated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, BMO Capital Markets lifted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

Nuvalent Trading Down 2.1 %

Shares of NASDAQ:NUVL opened at $80.30 on Monday. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a market cap of $5.71 billion, a PE ratio of -23.14 and a beta of 1.31. The company has a fifty day simple moving average of $91.11 and a 200 day simple moving average of $87.32.

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

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated 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 sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $19,240,197.64. The trade was a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the transaction, the director now owns 224,522 shares of the company’s stock, valued at $20,595,403.06. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,075,000 shares of company stock worth $202,544,090 in the last ninety days. 12.52% of the stock is owned by insiders.

Institutional Trading of Nuvalent

A number of institutional investors have recently made changes to their positions in NUVL. Edgestream Partners L.P. bought a new stake in Nuvalent during the second quarter worth approximately $1,191,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Nuvalent in the 3rd quarter worth $1,255,000. Lord Abbett & CO. LLC lifted its holdings in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. boosted its stake in Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after buying an additional 12,256 shares in the last quarter. Finally, Barclays PLC grew its holdings in Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. 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.