Cantor Fitzgerald Initiates Coverage on Nuvalent (NASDAQ:NUVL)

Key Points

• Cantor Fitzgerald has initiated coverage on Nuvalent (NASDAQ:NUVL) with an "overweight" rating and a price target of $135.00, suggesting a potential upside of 59.46% from the previous close.
• Several other firms, including Goldman Sachs and Piper Sandler, have also given positive ratings and price targets, indicating a general consensus of "Moderate Buy" for the stock.
• The company recently reported an EPS of ($1.31), missing estimates, and insiders have sold over $7 million worth of shares in the last three months.

Stock analysts at Cantor Fitzgerald started coverage on shares of Nuvalent (NASDAQ:NUVL - Get Free Report) in a report issued on Wednesday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $135.00 price target on the stock. Cantor Fitzgerald's price target indicates a potential upside of 59.46% from the company's previous close.

NUVL has been the topic of a number of other research reports. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Piper Sandler initiated coverage on shares of Nuvalent in a research report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. Leerink Partners raised their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Robert W. Baird upped their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, HC Wainwright reissued a "buy" rating and issued a $130.00 target price (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $120.50.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $84.66 on Wednesday. Nuvalent has a 52-week low of $55.53 and a 52-week high of $105.13. The stock has a 50-day simple moving average of $79.34 and a 200-day simple moving average of $76.54. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of -17.28 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the previous year, the business earned ($0.88) EPS. As a group, equities research analysts predict that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $79.08, for a total value of $2,135,160.00. Following the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $19,695,822.96. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Henry E. Pelish sold 3,725 shares of the business's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $78.83, for a total value of $293,641.75. Following the transaction, the insider owned 65,963 shares of the company's stock, valued at $5,199,863.29. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,813 shares of company stock worth $7,223,073 over the last three months. 10.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC increased its holdings in Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock worth $8,532,000 after purchasing an additional 7,414 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Nuvalent by 5,549.7% during the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock worth $709,000 after purchasing an additional 9,823 shares during the last quarter. Voleon Capital Management LP bought a new position in Nuvalent during the first quarter worth $1,489,000. Strs Ohio bought a new stake in shares of Nuvalent in the first quarter valued at about $404,000. Finally, New York State Common Retirement Fund raised its position in shares of Nuvalent by 23.4% in the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after buying an additional 3,965 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.

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