Wedbush Reiterates “Outperform” Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They presently have a $115.00 price target on the stock. Wedbush’s target price points to a potential upside of 59.52% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets upped their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $112.36.

Nuvalent Stock Down 5.9 %

NUVL stock traded down $4.52 during trading on Monday, hitting $72.09. 1,034,131 shares of the company’s stock traded hands, compared to its average volume of 556,704. Nuvalent has a 52 week low of $61.79 and a 52 week high of $113.51. The stock has a fifty day moving average price of $88.18 and a two-hundred day moving average price of $87.36. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of -20.78 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the company posted ($0.59) EPS. As a group, equities research analysts expect that Nuvalent will post -3.84 EPS for the current fiscal year.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the transaction, the director now directly owns 224,522 shares in the company, valued at approximately $20,595,403.06. This represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were 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 of the company’s stock, valued at $847,542,548. The trade was a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,093,800 shares of company stock valued at $203,931,774. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NUVL. Quest Partners LLC bought a new stake in shares of Nuvalent during the second quarter worth $44,000. Amalgamated Bank boosted its holdings in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the last quarter. Portland Investment Counsel Inc. bought a new position in Nuvalent in the third quarter valued at about $205,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after acquiring an additional 382 shares during the last quarter. Finally, Creative Planning bought a new position in Nuvalent in the third quarter valued at about $232,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.