Nuvalent (NASDAQ:NUVL) Raised to Strong-Buy at Sanford C. Bernstein

Nuvalent (NASDAQ:NUVL) was upgraded by research analysts at Sanford C. Bernstein to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other research firms have also recently weighed in on NUVL. Wells Fargo & Company began coverage on shares of Nuvalent in a report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Nuvalent in a report on Tuesday, April 21st. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Nuvalent in a report on Wednesday, April 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald increased their price objective on shares of Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $140.29.

Nuvalent Stock Up 0.9%

NUVL stock opened at $102.12 on Thursday. Nuvalent has a fifty-two week low of $70.25 and a fifty-two week high of $113.01. The firm’s 50-day simple moving average is $102.18 and its 200 day simple moving average is $102.76. The stock has a market cap of $8.07 billion, a PE ratio of -16.85 and a beta of 1.15.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same period last year, the business earned ($1.18) EPS. Equities analysts forecast that Nuvalent will post -5.74 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 3,093 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total transaction of $323,156.64. Following the transaction, the insider owned 65,604 shares of the company’s stock, valued at approximately $6,854,305.92. This trade represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the transaction, the chief financial officer directly owned 85,533 shares in the company, valued at approximately $8,998,926.93. The trade was a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 80,023 shares of company stock worth $8,235,217 in the last 90 days. Corporate insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its stake in Nuvalent by 141.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock valued at $34,000 after buying an additional 195 shares during the period. GAMMA Investing LLC grew its stake in shares of Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Nuvalent in the 3rd quarter worth approximately $38,000. NBC Securities Inc. acquired a new position in shares of Nuvalent in the 4th quarter worth approximately $125,000. Finally, KBC Group NV grew its stake in shares of Nuvalent by 24.1% in the 4th quarter. KBC Group NV now owns 1,527 shares of the company’s stock worth $154,000 after purchasing an additional 297 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Company Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.