Wedbush Reaffirms "Outperform" Rating for Nuvalent (NASDAQ:NUVL)

Wedbush reissued their outperform rating on shares of Nuvalent (NASDAQ:NUVL - Free Report) in a report issued on Friday, Benzinga reports. Wedbush currently has a $99.00 price target on the stock.

Other equities analysts also recently issued research reports about the stock. SVB Leerink raised shares of Nuvalent from a market perform rating to an outperform rating and raised their price target for the company from $69.00 to $110.00 in a research note on Monday, April 1st. BMO Capital Markets raised their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the stock an outperform rating in a research report on Wednesday, February 28th. Jefferies Financial Group began coverage on Nuvalent in a report on Wednesday, April 17th. They issued a buy rating and a $97.00 target price on the stock. Leerink Partnrs upgraded Nuvalent from a market perform rating to an outperform rating in a report on Monday, April 1st. Finally, Robert W. Baird began coverage on Nuvalent in a report on Friday, February 23rd. They issued an outperform rating and a $105.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Nuvalent currently has a consensus rating of Moderate Buy and an average target price of $90.78.

Nuvalent Trading Down 2.4 %

NASDAQ:NUVL traded down $1.76 on Friday, hitting $70.88. The company had a trading volume of 348,595 shares, compared to its average volume of 432,679. Nuvalent has a 52 week low of $37.95 and a 52 week high of $89.39. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of -29.44 and a beta of 1.35. The firm has a 50 day moving average of $72.12 and a two-hundred day moving average of $72.37.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.02). As a group, equities analysts forecast that Nuvalent will post -3.03 EPS for the current year.

Insider Activity

In other news, insider Darlene Noci sold 20,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, Director Andrew A. F. Hack sold 880,000 shares of the business's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the sale, the director now owns 2,697,267 shares of the company's stock, valued at approximately $196,280,119.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Darlene Noci sold 20,000 shares of the business's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders sold a total of 1,192,500 shares of company stock valued at $86,063,980 in the last ninety days. 14.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company's stock valued at $719,000 after acquiring an additional 139 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock valued at $168,000 after purchasing an additional 189 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Nuvalent by 3.1% in the third quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company's stock valued at $323,000 after purchasing an additional 210 shares in the last quarter. Teacher Retirement System of Texas lifted its position in Nuvalent by 4.8% during the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company's stock valued at $269,000 after purchasing an additional 269 shares during the last quarter. Finally, Amalgamated Bank lifted its position in Nuvalent by 8.1% during 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 during the last quarter. Institutional investors own 97.26% of the company's stock.

About Nuvalent

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.