Nuvalent (NASDAQ:NUVL) Given “Outperform” Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report released on Monday, RTT News reports. Wedbush currently has a $99.00 price objective on the stock.

NUVL has been the subject of a number of other research reports. Jefferies Financial Group assumed coverage on shares of Nuvalent in a report on Wednesday, April 17th. They set a buy rating and a $97.00 price objective for the company. Stifel Nicolaus lifted their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. SVB Leerink upgraded shares of Nuvalent from a market perform rating to an outperform rating and lifted their target price for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. Finally, Leerink Partnrs upgraded shares of Nuvalent from a market perform rating to an outperform rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $96.33.

Nuvalent Stock Performance

NASDAQ NUVL opened at $79.95 on Monday. Nuvalent has a 52-week low of $39.86 and a 52-week high of $89.39. The company has a 50-day simple moving average of $75.47 and a 200 day simple moving average of $75.66. The company has a market capitalization of $5.16 billion, a PE ratio of -33.17 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). As a group, analysts forecast that Nuvalent will post -3.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total value of $216,210.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,399,931. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Nuvalent news, Director Emily Conley sold 5,000 shares of Nuvalent stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $80.72, for a total transaction of $403,600.00. Following the completion of the sale, the director now directly owns 2,507 shares in the company, valued at $202,365.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total transaction of $216,210.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,399,931. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,000 shares of company stock worth $8,344,660. 12.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in Nuvalent by 1.4% during the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after purchasing an additional 139 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the last quarter. Amalgamated Bank lifted its position in Nuvalent by 8.1% during the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after purchasing an additional 285 shares during the last quarter. Swiss National Bank lifted its position in Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after purchasing an additional 400 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Nuvalent by 10.3% during the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after purchasing an additional 830 shares during the last quarter. 97.26% of the stock is currently 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.