Nuvalent (NASDAQ:NUVL) Sets New 52-Week High After Analyst Upgrade

Nuvalent, Inc. (NASDAQ:NUVL)’s stock price reached a new 52-week high during trading on Monday after HC Wainwright raised their price target on the stock from $130.00 to $155.00. HC Wainwright currently has a buy rating on the stock. Nuvalent traded as high as $107.49 and last traded at $109.3620, with a volume of 764282 shares changing hands. The stock had previously closed at $96.50.

Other research analysts have also issued research reports about the stock. Guggenheim started coverage on shares of Nuvalent in a research report on Thursday, September 4th. They set a “buy” rating and a $122.00 price objective for the company. Cantor Fitzgerald began coverage on Nuvalent in a research note on Wednesday, October 15th. They set an “overweight” rating and a $135.00 price target on the stock. Piper Sandler upped their price target on Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Stifel Nicolaus initiated coverage on Nuvalent in a report on Thursday, October 16th. They set a “buy” rating and a $115.00 price objective on the stock. Finally, Raymond James Financial assumed coverage on Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $124.38.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at $22,572,489.06. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Shair sold 32,455 shares of the business’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $100.27, for a total transaction of $3,254,262.85. Following the completion of the sale, the director owned 1,383,044 shares in the company, valued at $138,677,821.88. This represents a 2.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 246,071 shares of company stock worth $22,589,016 in the last 90 days. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently made changes to their positions in NUVL. Wellington Management Group LLP grew its stake in Nuvalent by 46.0% during the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after buying an additional 724,491 shares during the last quarter. Braidwell LP boosted its holdings in shares of Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company’s stock worth $59,640,000 after acquiring an additional 599,710 shares in the last quarter. Vestal Point Capital LP grew its position in Nuvalent by 79.2% during the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock worth $76,239,000 after acquiring an additional 475,000 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Nuvalent during the 1st quarter worth approximately $31,969,000. Finally, Norges Bank acquired a new stake in Nuvalent during the 2nd quarter valued at $28,582,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Price Performance

The company has a market cap of $8.11 billion, a price-to-earnings ratio of -20.96 and a beta of 1.31. The business has a 50 day simple moving average of $88.03 and a 200 day simple moving average of $80.83.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter last year, the company earned ($1.28) earnings per share. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

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.