Nuvalent’s (NUVL) “Outperform” Rating Reaffirmed at Wedbush

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating reissued by investment 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 target price indicates a potential upside of 26.39% from the stock’s previous close.

A number of other research firms also recently issued reports on NUVL. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Stifel Nicolaus lifted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. Finally, Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.40.

Nuvalent Trading Down 3.6 %

NASDAQ:NUVL traded down $3.40 on Tuesday, reaching $90.99. The stock had a trading volume of 360,061 shares, compared to its average volume of 438,966. The stock has a market cap of $5.90 billion, a P/E ratio of -32.73 and a beta of 1.33. Nuvalent has a 12-month low of $55.33 and a 12-month high of $113.51. The company has a 50-day moving average of $96.90 and a 200 day moving average of $82.67.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated 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 approximately $2,804,859. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the transaction, the director now directly owns 228,522 shares in the company, valued at approximately $19,300,968.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,122,629 shares of company stock worth $207,180,508 in the last ninety days. Insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares during the last quarter. Darwin Global Management Ltd. increased its stake in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares during the period. Fred Alger Management LLC increased its holdings in shares of Nuvalent by 6.2% in the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after purchasing an additional 33,758 shares during the period. Finally, First Turn Management LLC boosted its position in Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares during the period. Hedge funds and other institutional investors 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.