Wedbush Reaffirms Outperform Rating for Nuvalent (NASDAQ:NUVL)

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report report published on Monday morning, MarketBeat Ratings reports. Wedbush currently has a $99.00 target price on the stock.

A number of other research firms also recently issued reports on NUVL. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a report on Monday, July 29th. Barclays started coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an overweight rating and a $100.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $90.00 to $100.00 and gave the stock an overweight rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus boosted their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $103.00.

Nuvalent Stock Down 2.1 %

NASDAQ NUVL opened at $85.63 on Monday. Nuvalent has a 12-month low of $39.86 and a 12-month high of $89.89. The company has a market capitalization of $5.53 billion, a PE ratio of -35.53 and a beta of 1.28. The firm’s 50 day moving average is $78.78 and its 200-day moving average is $75.77.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the business posted ($0.51) EPS. As a group, sell-side analysts expect that Nuvalent will post -3.55 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Monday, July 1st. The shares were sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,515,482. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $75.54, for a total value of $377,700.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,515,482. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $88.18, for a total transaction of $264,540.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,936,394. The disclosure for this sale can be found here. Insiders sold a total of 89,834 shares of company stock valued at $7,205,917 over the last ninety days. 12.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently modified their holdings of NUVL. Swiss National Bank boosted its position in shares of Nuvalent by 11.7% in the fourth quarter. Swiss National Bank now owns 50,500 shares of the company’s stock valued at $3,716,000 after acquiring an additional 5,300 shares during the period. Amalgamated Bank raised its stake in Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after purchasing an additional 285 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Nuvalent by 19.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 236,881 shares of the company’s stock valued at $17,432,000 after purchasing an additional 38,895 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Nuvalent by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock valued at $20,888,000 after purchasing an additional 18,263 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Nuvalent by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock valued at $719,000 after purchasing an additional 139 shares in the last quarter. 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.