Wedbush Reiterates Outperform Rating for Nuvalent (NASDAQ:NUVL)

Wedbush reiterated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a report issued on Tuesday,RTT News reports. They currently have a $115.00 price target on the stock. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, FY2024 earnings at ($3.78) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

Other equities analysts have also issued reports about the stock. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. BMO Capital Markets upped their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. Finally, Guggenheim increased their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Trading Down 2.5 %

Shares of NUVL stock traded down $2.25 on Tuesday, hitting $87.93. The stock had a trading volume of 177,182 shares, compared to its average volume of 437,956. The firm has a market cap of $5.70 billion, a P/E ratio of -25.99 and a beta of 1.33. Nuvalent has a twelve month low of $56.52 and a twelve month high of $113.51. The company has a fifty day moving average price of $97.27 and a two-hundred day moving average price of $82.94.

Nuvalent (NASDAQ:NUVL) last announced 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 previous year, the business earned ($0.59) EPS. On average, analysts expect that Nuvalent will post -3.58 earnings per share for the current year.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,804,859. This trade represents a 23.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares in the company, valued at $19,300,968.12. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,122,629 shares of company stock worth $207,180,508. Corporate insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

A number of hedge funds have recently added to or reduced their stakes in NUVL. Darwin Global Management Ltd. raised its stake in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. FMR LLC raised its stake 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 acquiring an additional 786,257 shares during the last quarter. Samlyn Capital LLC bought a new position in shares of Nuvalent during the second quarter valued at $17,397,000. Logos Global Management LP bought a new position in Nuvalent during the second quarter worth $14,793,000. Finally, Dimensional Fund Advisors LP raised its stake in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.