Nuvalent (NASDAQ:NUVL) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $97.00 price target on the stock.

NUVL has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price target on Nuvalent from $68.00 to $98.00 and gave the company an overweight rating in a research report on Wednesday, March 6th. Leerink Partnrs raised Nuvalent from a market perform rating to an outperform rating in a research report on Monday, April 1st. Wedbush reissued an outperform rating and issued a $99.00 target price on shares of Nuvalent in a research report on Tuesday, February 27th. Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a buy rating and a $99.00 target price for the company. Finally, SVB Leerink raised Nuvalent from a market perform rating to an outperform rating and raised their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent has an average rating of Moderate Buy and a consensus target price of $90.78.

Nuvalent Stock Down 0.5 %

Shares of NUVL opened at $62.76 on Wednesday. The stock has a 50 day moving average of $78.27 and a 200 day moving average of $70.68. Nuvalent has a 12 month low of $32.06 and a 12 month high of $89.39.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Research analysts predict that Nuvalent will post -2.89 earnings per share for the current year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00. Following the completion of the transaction, the director now directly owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $73.60, for a total transaction of $220,800.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,450,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now directly owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The disclosure for this sale can be found here. Insiders sold 1,075,000 shares of company stock valued at $78,251,375 over the last three months. Company insiders own 14.77% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its stake in Nuvalent by 41.0% during the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after purchasing an additional 187 shares during the last quarter. Amundi bought a new stake in Nuvalent during the fourth quarter worth about $34,000. KBC Group NV bought a new stake in Nuvalent during the fourth quarter worth about $52,000. China Universal Asset Management Co. Ltd. lifted its stake in Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after purchasing an additional 654 shares during the last quarter. Finally, Compass Wealth Management LLC bought a new stake in Nuvalent during the fourth quarter worth about $63,000. 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.