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

by · The Cerbat Gem

Wedbush reiterated their outperform rating on shares of Nuvalent (NASDAQ:NUVL – Free Report) in a research report sent to investors on Tuesday morning,RTT News reports. The firm currently has a $115.00 price objective on the stock.

Several other research analysts have also recently issued reports on the company. Leerink Partners raised their target price on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. Finally, HC Wainwright restated a “buy” rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.60.

View Our Latest Report on NUVL

Nuvalent Stock Up 0.1%

NUVL opened at $79.13 on Tuesday. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of -18.03 and a beta of 1.34. The firm has a 50 day moving average price of $74.57 and a 200-day moving average price of $76.43. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL – Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter last year, the firm posted ($0.69) EPS. As a group, analysts expect that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.20% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

A number of large investors have recently added to or reduced their stakes in the company. Boxer Capital Management LLC bought a new stake in Nuvalent in the fourth quarter worth $87,689,000. Vestal Point Capital LP bought a new position in Nuvalent during the fourth quarter valued at $46,968,000. Braidwell LP grew its stake in shares of Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company’s stock worth $59,640,000 after buying an additional 599,710 shares in the last quarter. Polar Capital Holdings Plc increased its holdings in shares of Nuvalent by 161.2% in the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock worth $74,109,000 after buying an additional 584,223 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Nuvalent in the 1st quarter worth about $31,969,000. Institutional investors own 97.26% of the company’s stock.

About Nuvalent

(Get Free Report)

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.

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