Nuvalent (NASDAQ:NUVL) Now Covered by Barclays

Equities research analysts at Barclays started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report issued to clients and investors on Thursday, Briefing.com reports. The firm set an “overweight” rating and a $100.00 price target on the stock. Barclays‘s price target would suggest a potential upside of 18.11% from the company’s previous close.

A number of other research analysts have also recently issued reports on NUVL. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of Nuvalent in a report on Thursday, August 22nd. Stifel Nicolaus upped their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Finally, Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Nuvalent presently has a consensus rating of “Buy” and an average price target of $92.78.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $84.67 on Thursday. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of -35.13 and a beta of 1.28. The business’s fifty day moving average price is $77.05 and its two-hundred day moving average price is $75.64. Nuvalent has a fifty-two week low of $39.86 and a fifty-two week high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its earnings results 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 last year, the business posted ($0.51) EPS. Research analysts expect that Nuvalent will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,511,819. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 10,500 shares of Nuvalent stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares in the company, valued at approximately $5,623,362.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,834 shares of company stock worth $5,676,927. Corporate insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new position in Nuvalent in the second quarter valued at $44,000. Amalgamated Bank grew its holdings in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC bought a new stake in Nuvalent during the first quarter worth about $121,000. Allspring Global Investments Holdings LLC raised its holdings in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in Nuvalent during the first quarter valued at approximately $202,000. 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.