Nuvalent (NASDAQ:NUVL) Earns Buy Rating from Analysts at Jefferies Financial Group

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

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their price target on Nuvalent from $68.00 to $98.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Wedbush reaffirmed an outperform rating and issued a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. BMO Capital Markets raised their target price on Nuvalent from $93.00 to $102.00 and gave the stock an outperform rating in a report on Wednesday, February 28th. 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 report on Monday, April 1st. Finally, Guggenheim began coverage on Nuvalent in a report on Wednesday, February 28th. They issued a buy rating and a $99.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $90.78.

Nuvalent Stock Performance

NUVL stock opened at $62.76 on Wednesday. Nuvalent has a 1 year low of $32.06 and a 1 year high of $89.39. The stock’s fifty day moving average price is $78.27 and its 200-day moving average price is $70.68.

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

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the completion of the transaction, the director now owns 1,687,198 shares in the company, valued at $129,526,190.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Darlene Noci sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $2,581,083. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,075,000 shares of company stock valued at $78,251,375 over the last ninety days. 14.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in Nuvalent by 41.0% in the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after acquiring an additional 187 shares in the last quarter. Amundi purchased a new position in Nuvalent in the fourth quarter worth about $34,000. KBC Group NV purchased a new position in Nuvalent in the fourth quarter worth about $52,000. China Universal Asset Management Co. Ltd. grew its position in Nuvalent by 97.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after acquiring an additional 654 shares in the last quarter. Finally, Compass Wealth Management LLC purchased a new position in Nuvalent in the fourth quarter worth about $63,000. Hedge funds and other 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.