Wedbush Reaffirms “Outperform” Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research note issued on Tuesday,RTT News reports. They presently have a $115.00 price target on the stock. Wedbush’s price target points to a potential upside of 45.40% from the stock’s previous close.

NUVL has been the subject of a number of other research reports. HC Wainwright raised their price target on shares of Nuvalent from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday. Leerink Partners lifted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.60.

Nuvalent Stock Up 2.9%

Shares of NUVL opened at $79.09 on Tuesday. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of -18.02 and a beta of 1.34. Nuvalent has a 12 month low of $55.54 and a 12 month high of $113.51. The company has a 50-day moving average price of $74.42 and a two-hundred day moving average price of $76.53.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the company posted ($0.69) EPS. Equities research analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total value of $1,861,380.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 10.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NUVL. Crowley Wealth Management Inc. bought a new position in Nuvalent in the 4th quarter worth approximately $27,000. CWM LLC raised its position in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after purchasing an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in Nuvalent in the 1st quarter worth approximately $38,000. Quarry LP bought a new position in Nuvalent in the 4th quarter worth approximately $39,000. Finally, Covestor Ltd raised its position in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after purchasing an additional 861 shares during 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.