Nuvalent (NASDAQ:NUVL) Earns “Sell (D-)” Rating from Weiss Ratings

Nuvalent (NASDAQ:NUVL)‘s stock had its “sell (d-)” rating restated by research analysts at Weiss Ratings in a report released on Saturday,Weiss Ratings reports.

A number of other equities analysts also recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, September 8th. Raymond James Financial assumed coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price for the company. Stifel Nicolaus assumed coverage on shares of Nuvalent in a research note on Thursday, October 16th. They set a “buy” rating and a $115.00 target price for the company. Guggenheim assumed coverage on shares of Nuvalent in a research note on Thursday, September 4th. They set a “buy” rating and a $122.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Nuvalent in a research note on Wednesday, October 15th. They set an “overweight” rating and a $135.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.00.

Nuvalent Price Performance

NUVL stock opened at $93.39 on Friday. Nuvalent has a 1 year low of $55.53 and a 1 year high of $99.94. The company has a market cap of $6.73 billion, a P/E ratio of -19.06 and a beta of 1.30. The firm has a 50-day moving average of $82.07 and a 200 day moving average of $78.04.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same quarter last year, the company earned ($0.88) EPS. On average, equities research analysts expect that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $90.63, for a total value of $2,447,010.00. Following the sale, the chief executive officer owned 249,062 shares in the company, valued at approximately $22,572,489.06. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Deborah Ann Miller sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $94.91, for a total transaction of $474,550.00. Following the completion of the sale, the insider owned 49,086 shares in the company, valued at $4,658,752.26. This represents a 9.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 196,771 shares of company stock worth $16,772,679. Company insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Braidwell LP raised its position in shares of Nuvalent by 248.6% during the 1st quarter. Braidwell LP now owns 840,945 shares of the company’s stock valued at $59,640,000 after purchasing an additional 599,710 shares during the period. Vestal Point Capital LP raised its position in shares of Nuvalent by 79.2% during the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock valued at $76,239,000 after purchasing an additional 475,000 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Nuvalent during the 1st quarter valued at $31,969,000. Norges Bank bought a new stake in shares of Nuvalent during the 2nd quarter valued at $28,582,000. Finally, Ameriprise Financial Inc. raised its position in shares of Nuvalent by 72.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company’s stock valued at $36,955,000 after purchasing an additional 204,002 shares during the period. 97.26% of the stock is currently owned by 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.