Sanford C. Bernstein Upgrades Nuvalent (NASDAQ:NUVL) to Strong-Buy

Nuvalent (NASDAQ:NUVL) was upgraded by research analysts at Sanford C. Bernstein to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald lifted their target price on shares of Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 27th. Wedbush reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Nuvalent in a research report on Wednesday, April 8th. Wells Fargo & Company started coverage on shares of Nuvalent in a research report on Monday, March 30th. They issued an “overweight” rating and a $116.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research report on Tuesday, April 21st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $155.00 target price on shares of Nuvalent in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $140.29.

Nuvalent Stock Up 0.9%

Shares of NUVL opened at $102.12 on Thursday. The company has a market capitalization of $8.07 billion, a P/E ratio of -16.85 and a beta of 1.15. The firm has a 50 day moving average of $102.18 and a 200 day moving average of $102.76. Nuvalent has a twelve month low of $70.25 and a twelve month high of $113.01.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the prior year, the company earned ($1.18) EPS. On average, sell-side analysts expect that Nuvalent will post -5.74 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other news, insider Henry E. Pelish sold 3,093 shares of Nuvalent stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $104.48, for a total transaction of $323,156.64. Following the transaction, the insider owned 65,604 shares in the company, valued at $6,854,305.92. This trade represents a 4.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of Nuvalent stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $99.22, for a total transaction of $545,710.00. Following the transaction, the insider owned 59,634 shares in the company, valued at $5,916,885.48. This represents a 8.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 80,023 shares of company stock worth $8,235,217. 5.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its stake in shares of Nuvalent by 20.0% during the 1st quarter. Bank of America Corp DE now owns 216,516 shares of the company’s stock worth $22,182,000 after acquiring an additional 36,147 shares during the last quarter. Tri Locum Partners LP boosted its stake in shares of Nuvalent by 0.4% during the 1st quarter. Tri Locum Partners LP now owns 308,506 shares of the company’s stock worth $31,606,000 after acquiring an additional 1,135 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Nuvalent by 141.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after acquiring an additional 195 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Nuvalent by 29.7% during the 1st quarter. California State Teachers Retirement System now owns 49,670 shares of the company’s stock worth $5,089,000 after acquiring an additional 11,386 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Nuvalent by 1,537.9% during the 1st quarter. Royal Bank of Canada now owns 23,569 shares of the company’s stock worth $2,414,000 after acquiring an additional 22,130 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.