Nuvalent (NASDAQ:NUVL) Coverage Initiated at HC Wainwright

Analysts at HC Wainwright began coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report issued on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $110.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 36.99% from the company’s current price.

NUVL has been the subject of a number of other reports. UBS Group started coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. Finally, BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Stock Performance

Shares of NUVL stock opened at $80.30 on Monday. The stock has a fifty day moving average price of $91.11 and a 200 day moving average price of $87.32. The stock has a market cap of $5.71 billion, a PE ratio of -23.14 and a beta of 1.31. Nuvalent has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the business earned ($0.59) earnings per share. As a group, equities research analysts predict that Nuvalent will post -3.84 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This represents a 0.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,075,000 shares of company stock valued at $202,544,090. 12.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of NUVL. FMR LLC lifted its position in shares of Nuvalent by 8.9% during the third 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 in the last quarter. Wellington Management Group LLP lifted its holdings in Nuvalent by 65.5% in the 3rd 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. Samlyn Capital LLC acquired a new position in Nuvalent in the 2nd quarter worth $17,397,000. Logos Global Management LP purchased a new position in Nuvalent in the 2nd quarter valued at about $14,793,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Hedge funds and other 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.