Wedbush Reaffirms “Outperform” Rating for Nuvalent (NASDAQ:NUVL)

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report released on Monday morning,RTT News reports. The firm currently has a $115.00 target price on the stock.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus increased their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. HC Wainwright started coverage on shares of Nuvalent in a research report on Monday, December 30th. They issued a “buy” rating and a $110.00 price target for the company. Finally, UBS Group assumed coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Nuvalent Stock Performance

Nuvalent stock opened at $72.09 on Monday. The firm has a 50 day moving average price of $87.83 and a 200 day moving average price of $87.33. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The company has a market capitalization of $5.12 billion, a PE ratio of -20.78 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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 quarter in the previous year, the firm posted ($0.59) earnings per share. As a group, equities research analysts forecast that Nuvalent will post -3.84 earnings per share for the current year.

Insider Transactions at Nuvalent

In related news, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $197,845.44. Following the sale, the insider now owns 59,981 shares in the company, valued at $4,779,286.08. This represents a 3.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 2,066,800 shares of company stock valued at $201,170,214 in the last ninety days. 12.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently added to or reduced their stakes in NUVL. Quest Partners LLC acquired a new stake in shares of Nuvalent in the second quarter valued at approximately $44,000. Amalgamated Bank increased its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares in the last quarter. Portland Investment Counsel Inc. acquired a new position in shares of Nuvalent in the third quarter worth $205,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Nuvalent in the second quarter valued at $218,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.