Nuvalent (NASDAQ:NUVL) Receives Buy Rating from HC Wainwright

Nuvalent (NASDAQ:NUVL)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $110.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 44.76% from the stock’s previous close.

A number of other brokerages also recently issued reports on NUVL. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday. UBS Group assumed coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note 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 research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Trading Down 1.9 %

Shares of NASDAQ NUVL opened at $75.99 on Friday. The stock has a market cap of $5.40 billion, a PE ratio of -21.90 and a beta of 1.38. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51. The company has a 50-day moving average of $86.74 and a 200 day moving average of $87.15.

Nuvalent (NASDAQ:NUVL) last posted its quarterly 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 last year, the firm posted ($0.59) earnings per share. On average, sell-side analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on 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 trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,066,800 shares of company stock valued at $201,170,214. Corporate insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Several hedge funds have recently modified their holdings of the stock. FMR LLC increased its holdings in Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Wellington Management Group LLP grew its position in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after buying an additional 400,402 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after buying an additional 73,429 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after buying an additional 23,730 shares during the period. Finally, Fred Alger Management LLC raised its holdings in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock valued at $64,218,000 after acquiring an additional 49,612 shares in the last quarter. 97.26% of the stock is currently 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.