Weekly Investment Analysts’ Ratings Changes for Nuvalent (NUVL)

Nuvalent (NASDAQ: NUVL) recently received a number of ratings updates from brokerages and research firms:

• 9/16/2024 – Nuvalent was upgraded by analysts at The Goldman Sachs Group, Inc. to a “strong sell” rating.
• 9/16/2024 – Nuvalent had its price target raised by analysts at Wedbush from $99.00 to $115.00. They now have an “outperform” rating on the stock.
• 9/16/2024 – Nuvalent had its price target raised by analysts at BMO Capital Markets from $102.00 to $132.00. They now have an “outperform” rating on the stock.
• 9/16/2024 – Nuvalent had its price target raised by analysts at Guggenheim from $99.00 to $105.00. They now have a “buy” rating on the stock.
• 9/16/2024 – Nuvalent had its price target raised by analysts at Stifel Nicolaus from $115.00 to $135.00. They now have a “buy” rating on the stock.
• 9/9/2024 – Nuvalent had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $99.00 price target on the stock.
• 9/4/2024 – Nuvalent had its price target raised by analysts at JPMorgan Chase & Co. from $90.00 to $100.00. They now have an “overweight” rating on the stock.
• 8/29/2024 – Nuvalent is now covered by analysts at Barclays PLC. They set an “overweight” rating and a $100.00 price target on the stock.
• 8/22/2024 – Nuvalent had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $9.00 price target on the stock.
• 8/8/2024 – Nuvalent had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $99.00 price target on the stock.
• 7/29/2024 – Nuvalent was upgraded by analysts at Lifesci Capital to a “strong-buy” rating.

Nuvalent Price Performance

NUVL traded down $1.95 on Friday, hitting $99.10. The company had a trading volume of 562,493 shares, compared to its average volume of 439,905. The stock has a fifty day simple moving average of $83.92 and a 200-day simple moving average of $77.00. The firm has a market capitalization of $6.40 billion, a P/E ratio of -41.12 and a beta of 1.28. Nuvalent, Inc. has a 52-week low of $41.16 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly 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 prior year, the firm earned ($0.51) earnings per share. Equities research analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction 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 completion of the transaction, the director now owns 230,522 shares in the company, valued at $18,347,245.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $73.23, for a total value of $219,690.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,438,559. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $79.59, for a total transaction of $159,180.00. Following the sale, the director now owns 230,522 shares of the company’s stock, valued at $18,347,245.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,629 shares of company stock worth $9,352,958. 12.52% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Nuvalent by 1.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after buying an additional 139 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 purchasing an additional 189 shares during the period. Amalgamated Bank lifted its position in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. Swiss National Bank increased 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 acquiring an additional 400 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Nuvalent in the second quarter valued at $44,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.