Nuvalent’s (NUVL) Outperform Rating Reaffirmed at Wedbush

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research note issued to investors on Monday morning, Marketbeat reports. They currently have a $99.00 target price on the stock.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. boosted their target price on Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a research note on Wednesday, September 4th. Lifesci Capital raised Nuvalent to a strong-buy rating in a research note on Monday, July 29th. Stifel Nicolaus upped their price objective on Nuvalent from $103.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Finally, Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They issued an overweight rating and a $100.00 price objective for the company. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Nuvalent presently has an average rating of Buy and a consensus price target of $103.00.

Nuvalent Trading Down 2.1 %

Shares of NASDAQ NUVL opened at $85.63 on Monday. The company has a market cap of $5.53 billion, a price-to-earnings ratio of -35.53 and a beta of 1.28. Nuvalent has a 12 month low of $39.86 and a 12 month high of $89.89. The stock has a 50-day moving average price of $78.78 and a two-hundred day moving average price of $75.77.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the business earned ($0.51) earnings per share. On average, sell-side analysts predict that Nuvalent will post -3.55 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the transaction, the director now directly owns 232,522 shares in the company, valued at approximately $18,652,914.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $2,936,394. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,834 shares of company stock worth $7,205,917. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the last quarter. Perceptive Advisors LLC raised its position in Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares during the last quarter. Darwin Global Management Ltd. raised its position in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Commodore Capital LP raised its position in Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its position in Nuvalent by 3.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. 97.26% of the stock is currently owned by 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.