Nuvalent (NASDAQ:NUVL) Stock Rating Upgraded by The Goldman Sachs Group

Nuvalent (NASDAQ:NUVL) was upgraded by stock analysts at The Goldman Sachs Group to a “strong sell” rating in a research note issued on Monday, Zacks.com reports.

Several other research analysts also recently issued reports on the company. BMO Capital Markets lifted their price objective on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Stifel Nicolaus increased their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday. Wedbush boosted their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Stock Performance

Nuvalent stock opened at $104.75 on Monday. Nuvalent has a fifty-two week low of $39.86 and a fifty-two week high of $113.51. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -43.46 and a beta of 1.28. The stock’s fifty day moving average is $80.68 and its two-hundred day moving average is $75.97.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the business earned ($0.51) EPS. As a group, sell-side analysts forecast that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the transaction, the director now directly owns 232,522 shares of the company’s stock, valued at $18,652,914.84. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The disclosure for this sale can be found here. Insiders sold 84,834 shares of company stock valued at $6,818,117 in the last ninety days. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC purchased a new position in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank grew its holdings in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Nuvalent during the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC lifted its holdings in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nuvalent in the 1st quarter valued at about $202,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.