Nuvalent (NASDAQ:NUVL) Earns “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report sent to investors on Monday,RTT News reports. Wedbush currently has a $115.00 price target on the stock.

A number of other research firms have also recently commented on NUVL. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. UBS Group began coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Stifel Nicolaus boosted their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Stock Up 7.0 %

Shares of NUVL stock opened at $77.44 on Monday. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51. The business’s fifty day simple moving average is $87.44 and its 200-day simple moving average is $87.30.

Nuvalent (NASDAQ:NUVL) last announced its 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 quarter in the prior year, the business earned ($0.59) earnings per share. As a group, research analysts forecast that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In other 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 transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares of the company’s stock, valued at $4,779,286.08. This represents a 3.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the sale, the director now directly owns 224,522 shares of the company’s stock, valued at approximately $20,595,403.06. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,066,800 shares of company stock valued at $201,170,214. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its holdings in shares of Nuvalent by 62.0% during the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after acquiring an additional 1,686 shares during the last quarter. Rhumbline Advisers raised its stake in Nuvalent by 18.9% in the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after purchasing an additional 7,420 shares during the last quarter. Arizona State Retirement System lifted its holdings in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after purchasing an additional 1,127 shares in the last quarter. Quest Partners LLC acquired a new stake in Nuvalent during the 2nd quarter worth $44,000. Finally, Dimensional Fund Advisors LP grew its holdings 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 worth $26,409,000 after buying an additional 155,276 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Company Profile

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.