Nuvalent (NASDAQ:NUVL) Earns "Sell (D-)" Rating from Weiss Ratings

Key Points

• Nuvalent (NASDAQ:NUVL) received a "sell (D-)" rating from Weiss Ratings, despite having multiple analysts issuing higher price targets and "outperform" ratings.
• The company's stock has a moderate buy consensus among analysts with an average price target of $118.89, while its share price was $84.86 as of Wednesday.
• Insider trading activity included significant sales by CEO James Richard Porter and other insiders, indicating a decrease in their ownership stakes.

Nuvalent (NASDAQ:NUVL - Get Free Report)'s stock had its "sell (d-)" rating reiterated by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other equities analysts also recently weighed in on NUVL. Raymond James Financial initiated coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 price target on the stock. Leerink Partners upped 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. Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price objective for the company. Robert W. Baird upped their price objective 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, Guggenheim initiated coverage on shares of Nuvalent in a report on Thursday, September 4th. They issued a "buy" rating and a $122.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of "Moderate Buy" and an average price target of $118.89.

Nuvalent Stock Up 1.8%

Shares of NASDAQ:NUVL opened at $84.86 on Wednesday. The company's fifty day moving average is $78.59 and its two-hundred day moving average is $76.16. Nuvalent has a 12-month low of $55.53 and a 12-month high of $106.32. The company has a market cap of $6.12 billion, a P/E ratio of -17.32 and a beta of 1.30.

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

Insider Activity at Nuvalent

In related news, insider Henry E. Pelish sold 3,725 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $78.83, for a total value of $293,641.75. Following the completion of the sale, the insider owned 65,963 shares in the company, valued at approximately $5,199,863.29. This trade represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $79.08, for a total transaction of $2,135,160.00. Following the completion of the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $19,695,822.96. The trade was a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,813 shares of company stock worth $11,137,883. Company insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC raised its position in Nuvalent by 10.8% in the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after purchasing an additional 161 shares in the last quarter. Kennedy Capital Management LLC raised its position in Nuvalent by 3.7% in the second quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company's stock worth $420,000 after purchasing an additional 196 shares in the last quarter. Guggenheim Capital LLC raised its position in Nuvalent by 2.7% in the second quarter. Guggenheim Capital LLC now owns 10,863 shares of the company's stock worth $829,000 after purchasing an additional 288 shares in the last quarter. GF Fund Management CO. LTD. raised its position in Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock worth $119,000 after purchasing an additional 302 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Nuvalent by 15.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,564 shares of the company's stock worth $196,000 after purchasing an additional 350 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.