Nuvalent (NASDAQ:NUVL) Coverage Initiated at UBS Group

UBS Group began coverage on shares of Nuvalent (NASDAQ:NUVL) in a report released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $100.00 target price on the stock.

NUVL has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price objective 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. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Stifel Nicolaus upped their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets lifted their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Finally, Wedbush increased their target price on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and a consensus price target of $112.40.

Nuvalent Stock Performance

NUVL opened at $90.70 on Thursday. Nuvalent has a 52-week low of $49.02 and a 52-week high of $113.51. The firm has a market cap of $5.86 billion, a P/E ratio of -37.63 and a beta of 1.29. The business’s fifty day moving average is $94.90 and its 200-day moving average is $80.61.

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

Insider Activity

In related news, Director James E. Flynn sold 2,000,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the sale, the director now owns 8,670,512 shares of the company’s stock, valued at $847,542,548. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total transaction of $795,100.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,647,683. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James E. Flynn sold 2,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,128,629 shares of company stock valued at $207,492,688. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently bought and sold shares of NUVL. Vanguard Group Inc. grew its holdings in Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares during the period. Darwin Global Management Ltd. boosted its position in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Driehaus Capital Management LLC grew its stake in 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 purchasing an additional 23,730 shares during the period. Fred Alger Management LLC increased its holdings in Nuvalent by 6.2% in the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after purchasing an additional 33,758 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Nuvalent by 80.5% in the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after buying an additional 155,276 shares during the period. Institutional investors own 97.26% of the company’s stock.

About Nuvalent

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.