HC Wainwright Reiterates “Buy” Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $110.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 44.76% from the company’s previous close.

Several other research firms also recently issued reports on NUVL. UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday. JPMorgan Chase & Co. lifted their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $75.99 on Friday. Nuvalent has a 1 year low of $61.79 and a 1 year high of $113.51. The stock has a market cap of $5.40 billion, a P/E ratio of -21.90 and a beta of 1.38. The stock has a 50-day simple moving average of $86.74 and a 200-day simple moving average of $87.15.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) EPS. On average, equities research analysts predict that Nuvalent will post -3.86 EPS for the current year.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, October 28th. The shares were 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 owns 224,522 shares in the company, valued at $20,595,403.06. This trade represents a 0.88 % decrease in their position. 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 firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This trade represents a 18.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,066,800 shares of company stock valued at $201,170,214 over the last quarter. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NUVL. Amalgamated Bank increased its stake in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares in the last quarter. HighVista Strategies LLC boosted its position in shares of Nuvalent by 1.1% in the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after buying an additional 320 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Nuvalent by 21.6% in the 3rd 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. MetLife Investment Management LLC increased its holdings in Nuvalent by 6.7% during the 3rd quarter. MetLife Investment Management LLC now owns 19,737 shares of the company’s stock valued at $2,019,000 after acquiring an additional 1,231 shares in the last quarter. Finally, M&T Bank Corp raised its position in Nuvalent by 21.0% during the third quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock worth $745,000 after acquiring an additional 1,263 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other 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.