Nuvalent (NASDAQ:NUVL) Upgraded to “Buy” at UBS Group

UBS Group upgraded shares of Nuvalent (NASDAQ:NUVL) from a neutral rating to a buy rating in a report released on Friday morning, Marketbeat reports. They currently have $100.00 target price on the stock.

NUVL has been the subject of several other research reports. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Nuvalent Stock Up 3.4 %

Shares of NASDAQ:NUVL opened at $77.01 on Friday. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -22.19 and a beta of 1.42. The business’s 50 day moving average is $78.65 and its 200 day moving average is $87.92. Nuvalent has a 12-month low of $61.80 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). As a group, equities research analysts expect that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the completion of the transaction, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This trade represents a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,800 shares of company stock valued at $8,895,004. 12.52% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after buying an additional 786,257 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its position in shares of Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock valued at $419,845,000 after acquiring an additional 363,379 shares during the period. Vanguard Group Inc. increased its holdings in Nuvalent by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after acquiring an additional 366,239 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Nuvalent by 19.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock worth $101,601,000 after acquiring an additional 215,633 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Nuvalent by 27.0% in the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after purchasing an additional 272,738 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.