Nuvalent (NASDAQ:NUVL) Stock Rating Reaffirmed by Wedbush

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report sent to investors on Thursday, RTT News reports. They currently have a $99.00 price target on the stock.

NUVL has been the subject of a number of other research reports. Stifel Nicolaus upped their price objective on Nuvalent from $103.00 to $115.00 and gave the company a buy rating in a report on Wednesday, July 10th. Jefferies Financial Group assumed coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a buy rating and a $97.00 price target for the company. Finally, Lifesci Capital raised shares of Nuvalent to a strong-buy rating in a research note on Monday, July 29th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $103.13.

Nuvalent Stock Down 0.4 %

NUVL stock traded down $0.25 during midday trading on Thursday, reaching $69.99. The stock had a trading volume of 482,045 shares, compared to its average volume of 410,145. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of -29.04 and a beta of 1.28. Nuvalent has a twelve month low of $39.86 and a twelve month high of $89.39. The business has a fifty day simple moving average of $76.77 and a two-hundred day simple moving average of $75.71.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the prior year, the business posted ($0.51) EPS. On average, equities analysts predict that Nuvalent will post -3.06 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $65.84, for a total transaction of $2,469,000.00. Following the sale, the director now owns 1,424,698 shares in the company, valued at $93,802,116.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Emily Conley sold 5,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $77.56, for a total value of $387,800.00. Following the sale, the director now owns 2,507 shares in the company, valued at approximately $194,442.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $65.84, for a total transaction of $2,469,000.00. Following the completion of the transaction, the director now directly owns 1,424,698 shares in the company, valued at $93,802,116.32. The disclosure for this sale can be found here. Insiders have sold 95,500 shares of company stock worth $6,934,650 over the last ninety days. Insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Turn Management LLC bought a new position in Nuvalent during the 4th quarter worth $18,831,000. Rhenman & Partners Asset Management AB increased its position in Nuvalent by 31.3% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after acquiring an additional 26,918 shares during the period. Renaissance Capital LLC acquired a new stake in Nuvalent in the 1st quarter worth about $1,301,000. Parkman Healthcare Partners LLC bought a new stake in Nuvalent in the 4th quarter valued at about $4,406,000. Finally, Commodore Capital LP grew its position in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

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.