Nuvalent’s (NUVL) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Nuvalent (NASDAQ:NUVL) in a report released on Friday,Benzinga reports. The firm currently has a $110.00 price target on the stock.

Several other analysts also recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Price Performance

NUVL stock opened at $75.84 on Friday. The firm has a 50 day simple moving average of $86.35 and a two-hundred day simple moving average of $87.16. The stock has a market cap of $5.39 billion, a PE ratio of -21.86 and a beta of 1.38. Nuvalent has a one year low of $61.79 and a one 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 for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the firm posted ($0.59) earnings per share. On average, research analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the 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 completion of the transaction, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total transaction of $891,900.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,093,800 shares of company stock worth $203,221,944 over the last 90 days. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently made changes to their positions in NUVL. Amalgamated Bank raised its position in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the last quarter. HighVista Strategies LLC raised its holdings in Nuvalent by 1.1% in the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after buying an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 buying an additional 382 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Nuvalent by 6.7% during the third quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock valued at $2,019,000 after buying an additional 1,231 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Nuvalent by 21.0% during the third quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock valued at $745,000 after acquiring an additional 1,263 shares in the last quarter. 97.26% of the stock is currently 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.