Nuvalent (NASDAQ:NUVL) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report report published on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $97.00 price objective on the stock.

NUVL has been the topic of several other research reports. Leerink Partnrs raised shares of Nuvalent from a market perform rating to an outperform rating in a research note on Monday, April 1st. Robert W. Baird assumed coverage on shares of Nuvalent in a research note on Friday, February 23rd. They issued an outperform rating and a $105.00 target price on the stock. SVB Leerink raised shares of Nuvalent from a market perform rating to an outperform rating and raised their target price for the company from $69.00 to $110.00 in a research note on Monday, April 1st. BMO Capital Markets raised their target price on shares of Nuvalent from $93.00 to $102.00 and gave the company an outperform rating in a research note on Wednesday, February 28th. Finally, Wedbush reaffirmed an outperform rating and issued a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Nuvalent currently has an average rating of Moderate Buy and an average price target of $90.78.

Nuvalent Stock Performance

NUVL opened at $64.25 on Wednesday. Nuvalent has a 1-year low of $29.25 and a 1-year high of $89.39. The firm has a 50-day moving average price of $79.01 and a two-hundred day moving average price of $70.62.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities research analysts predict that Nuvalent will post -2.93 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew A. F. Hack sold 880,000 shares of Nuvalent stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the completion of the transaction, the director now directly owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The disclosure for this sale can be found here. Insiders have sold 1,075,000 shares of company stock valued at $78,251,375 in the last 90 days. 14.77% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hudson Bay Capital Management LP raised its holdings in shares of Nuvalent by 43.2% in the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after purchasing an additional 12,955 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in Nuvalent by 18.9% during the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after buying an additional 15,197 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Nuvalent by 49.8% during the third quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after buying an additional 6,714 shares during the last quarter. Invesco Ltd. increased its holdings in Nuvalent by 51.2% during the third quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after buying an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Nuvalent by 196.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after buying an additional 131,296 shares during the last quarter. 97.26% of the stock is currently 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.