Nuvalent (NASDAQ:NUVL) Lifted to Outperform at Leerink Partnrs

Leerink Partnrs upgraded shares of Nuvalent (NASDAQ:NUVL - Free Report) from a market perform rating to an outperform rating in a research report report published on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Nuvalent's Q2 2024 earnings at ($0.80) EPS, Q3 2024 earnings at ($0.82) EPS and Q4 2024 earnings at ($0.84) EPS.

A number of other equities research analysts have also recently issued reports on NUVL. SVB Leerink upgraded Nuvalent from a market perform rating to an outperform rating and upped their price objective for the stock from $69.00 to $110.00 in a research note on Monday. JPMorgan Chase & Co. upped their price objective on Nuvalent from $68.00 to $98.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Robert W. Baird began coverage on Nuvalent in a research note on Friday, February 23rd. They set an outperform rating and a $105.00 price objective on the stock. Wedbush reiterated an outperform rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, BMO Capital Markets increased their price target on Nuvalent from $93.00 to $102.00 and gave the company an outperform rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Nuvalent presently has an average rating of Moderate Buy and a consensus price target of $90.00.

Nuvalent Stock Performance

NASDAQ NUVL traded down $3.67 during trading on Monday, hitting $73.42. The stock had a trading volume of 585,908 shares, compared to its average volume of 385,506. The company has a market capitalization of $4.70 billion, a PE ratio of -35.69 and a beta of 1.30. The company's 50-day moving average price is $81.07 and its two-hundred day moving average price is $68.76. Nuvalent has a 12 month low of $23.09 and a 12 month high of $89.39.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities analysts anticipate that Nuvalent will post -2.96 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the company's stock in a transaction on Monday, March 25th. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00. Following the transaction, the director now directly owns 1,687,198 shares of the company's stock, valued at approximately $129,526,190.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction dated Friday, March 22nd. The stock was 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 of the company's stock, valued at $2,581,083. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the sale, the director now directly owns 1,687,198 shares in the company, valued at $129,526,190.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 959,500 shares of company stock worth $70,121,075. Company insiders own 14.77% of the company's stock.

Institutional Trading of Nuvalent

A number of hedge funds have recently made changes to their positions in NUVL. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company's stock valued at $245,780,000 after purchasing an additional 1,205,668 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Nuvalent in the fourth quarter worth approximately $15,953,000. Commodore Capital LP lifted its stake in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company's stock worth $97,951,000 after acquiring an additional 502,259 shares during the period. Perceptive Advisors LLC lifted its stake in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company's stock worth $214,735,000 after acquiring an additional 454,540 shares during the period. Finally, ArrowMark Colorado Holdings LLC acquired a new position in shares of Nuvalent in the fourth quarter worth approximately $9,650,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.