Nuvalent (NASDAQ:NUVL) Given Outperform Rating at Wedbush

Nuvalent (NASDAQ:NUVL - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities researchers at Wedbush in a research report issued on Tuesday,RTT News reports. They presently have a $115.00 target price on the stock. Wedbush's target price points to a potential upside of 49.58% from the company's current price.

Other research analysts have also issued reports about the company. HC Wainwright lifted their target price on Nuvalent from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday. Leerink Partners lifted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $120.44.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded up $0.90 during midday trading on Tuesday, hitting $76.88. The stock had a trading volume of 621,774 shares, compared to its average volume of 494,275. The company's 50-day simple moving average is $74.11 and its 200 day simple moving average is $76.51. The firm has a market cap of $5.52 billion, a P/E ratio of -17.51 and a beta of 1.34. Nuvalent has a fifty-two week low of $55.54 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the business earned ($0.69) earnings per share. Equities analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nuvalent

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

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