Nuvalent (NASDAQ:NUVL) Now Covered by HC Wainwright

HC Wainwright started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $110.00 target price on the stock. HC Wainwright also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.10) EPS, FY2024 earnings at ($3.96) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.05) EPS, Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($1.00) EPS, FY2025 earnings at ($4.16) EPS, FY2026 earnings at ($2.88) EPS, FY2027 earnings at ($0.55) EPS and FY2028 earnings at $1.88 EPS.

A number of other analysts have also recently issued reports on the company. UBS Group started coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent presently has an average rating of “Moderate Buy” and a consensus target price of $112.36.

Nuvalent Price Performance

NASDAQ NUVL opened at $78.28 on Monday. The company’s fifty day moving average is $90.16 and its two-hundred day moving average is $87.36. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.56 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its earnings results 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 last year, the business earned ($0.59) earnings per share. As a group, sell-side analysts expect that Nuvalent will post -3.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the sale, the director now directly owns 8,670,512 shares in the company, valued at approximately $847,542,548. This represents a 18.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,070,000 shares of company stock valued at $202,035,390. 12.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new stake in shares of Nuvalent in the second quarter worth $44,000. Amalgamated Bank boosted its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent during the third quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in Nuvalent in the second quarter valued at approximately $218,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.