Nuvalent (NASDAQ:NUVL) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Nuvalent (NASDAQ:NUVL - Free Report) in a report published on Monday morning,RTT News reports. They currently have a $115.00 target price on the stock.

Several other equities research analysts also recently weighed in on the stock. Leerink Partners lifted their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. HC Wainwright reiterated a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Finally, Robert W. Baird lifted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $119.60.

Nuvalent Stock Up 2.0%

NUVL traded up $1.60 during midday trading on Monday, hitting $82.08. The company had a trading volume of 326,736 shares, compared to its average volume of 522,616. Nuvalent has a 52 week low of $55.53 and a 52 week high of $113.51. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of -18.70 and a beta of 1.31. The stock's 50 day moving average price is $77.98 and its 200 day moving average price is $76.09.

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

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $20,490,330.74. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 8,630 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the transaction, the insider owned 63,101 shares in the company, valued at approximately $5,039,876.87. This trade represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,645 shares of company stock worth $7,007,857. 10.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. purchased a new position in Nuvalent during the fourth quarter worth about $27,000. CWM LLC boosted its holdings in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares during the last quarter. Quarry LP purchased a new position in Nuvalent during the fourth quarter worth about $39,000. ANTIPODES PARTNERS Ltd bought a new stake in Nuvalent in the first quarter worth about $38,000. Finally, Covestor Ltd raised its position in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after acquiring an additional 861 shares during the period. 97.26% of the stock is currently owned by hedge funds and other 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.