Wedbush Reaffirms Outperform Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL - Get Free Report)'s stock had its "outperform" rating restated by stock analysts at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $115.00 price objective on the stock. Wedbush's price objective points to a potential upside of 44.32% from the company's previous close.

A number of other equities research analysts have also recently commented on the stock. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday. Finally, Leerink Partners upped their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $119.60.

Nuvalent Stock Performance

Shares of Nuvalent stock traded up $0.56 on Tuesday, hitting $79.69. 658,359 shares of the company's stock were exchanged, compared to its average volume of 501,877. The stock has a market capitalization of $5.72 billion, a PE ratio of -18.15 and a beta of 1.34. Nuvalent has a 1 year low of $55.54 and a 1 year high of $113.51. The company has a 50-day simple moving average of $74.57 and a 200-day simple moving average of $76.43.

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

Insider Activity

In other news, CEO James Richard Porter sold 27,000 shares of the company's 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 directly owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NUVL. Boxer Capital Management LLC bought a new stake in Nuvalent in the fourth quarter worth $87,689,000. Vestal Point Capital LP purchased a new position in shares of Nuvalent in the 4th quarter worth $46,968,000. Braidwell LP increased 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 worth $59,640,000 after buying an additional 599,710 shares during the last quarter. Polar Capital Holdings Plc raised its position in shares of Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after buying an additional 584,223 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of Nuvalent during the 1st quarter valued at about $31,969,000. 97.26% of the stock is currently owned by institutional investors.

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.