Nuvalent (NASDAQ:NUVL) Receives “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Nuvalent (NASDAQ:NUVL) in a research report released on Friday morning,Benzinga reports. The firm currently has a $110.00 target price on the stock.

A number of other research firms have also weighed in on NUVL. BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. 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 given a strong buy rating to the stock. According to data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $75.84 on Friday. The business has a 50-day simple moving average of $86.35 and a 200 day simple moving average of $87.16. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of -21.86 and a beta of 1.38. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued 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 in the prior year, the business earned ($0.59) earnings per share. On average, sell-side analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insider Buying and Selling

In other news, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. This represents a 18.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,926,221.38. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,093,800 shares of company stock worth $203,221,944. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after buying an additional 786,257 shares during the period. Wellington Management Group LLP grew its stake in Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after acquiring an additional 400,402 shares in the last quarter. Samlyn Capital LLC purchased a new stake in Nuvalent in the 2nd quarter worth approximately $17,397,000. Logos Global Management LP bought a new position in Nuvalent in the 2nd quarter valued at $14,793,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other 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.