Nuvalent (NASDAQ:NUVL) Earns Neutral Rating from Analysts at UBS Group

UBS Group initiated coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note issued to investors on Thursday morning, MarketBeat reports. The firm issued a neutral rating and a $100.00 target price on the stock.

Several other research analysts have also recently issued reports on the stock. BMO Capital Markets upped their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wedbush raised their price objective on Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.40.

Nuvalent Price Performance

Nuvalent stock opened at $93.63 on Thursday. The stock’s fifty day moving average is $94.52 and its two-hundred day moving average is $80.29. The stock has a market cap of $6.07 billion, a PE ratio of -33.68 and a beta of 1.29. Nuvalent has a 1-year low of $49.02 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the firm posted ($0.51) earnings per share. On average, research analysts expect that Nuvalent will post -3.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,290,374. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,290,374. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $79.59, for a total transaction of $159,180.00. Following the transaction, the director now directly owns 230,522 shares of the company’s stock, valued at approximately $18,347,245.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,130,629 shares of company stock worth $207,651,868. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in shares of Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank grew its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the period. SG Americas Securities LLC purchased a new stake in Nuvalent in the first quarter valued at approximately $121,000. Mirae Asset Global Investments Co. Ltd. increased its position 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 worth $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake 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 valued at $168,000 after buying an additional 189 shares during the period. 97.26% of the stock is currently owned by hedge funds and other 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.