Nuvalent (NASDAQ:NUVL) Now Covered by Analysts at Guggenheim

Key Points

• Analysts at Guggenheim have initiated coverage of Nuvalent (NASDAQ:NUVL), assigning a "buy" rating and a price target of $122.00, which indicates a potential upside of 54.53% from its current price.
• Nuvalent's stock recently dipped 0.8%, trading at $78.88, and the company has a market capitalization of $5.69 billion.
• Insider transactions show significant selling, with CEO James Richard Porter selling 27,000 shares at an average price of $75.42, reducing his ownership by nearly 10%.

Research analysts at Guggenheim started coverage on shares of Nuvalent (NASDAQ:NUVL - Get Free Report) in a research report issued on Thursday, Marketbeat.com reports. The brokerage set a "buy" rating and a $122.00 price target on the stock. Guggenheim's price objective suggests a potential upside of 54.53% from the stock's current price.

Several other brokerages have also recently issued reports on NUVL. Leerink Partners lifted their target price 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. HC Wainwright reaffirmed a "buy" rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Raymond James Financial started coverage on shares of Nuvalent in a research report on Tuesday. They issued an "outperform" rating and a $105.00 target price on the stock. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $120.91.

Nuvalent Stock Down 0.8%

NUVL stock traded down $0.66 during trading on Thursday, hitting $78.88. The company had a trading volume of 29,480 shares, compared to its average volume of 531,175. The firm has a market capitalization of $5.69 billion, a P/E ratio of -16.12 and a beta of 1.29. Nuvalent has a 52-week low of $55.53 and a 52-week high of $113.51. The company has a 50 day simple moving average of $78.56 and a 200-day simple moving average of $75.20.

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

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $75.42, for a total value of $2,036,340.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $18,784,256.04. The trade was a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 14,700 shares of Nuvalent stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total value of $1,250,970.00. Following the sale, the chief financial officer owned 61,734 shares in the company, valued at $5,253,563.40. This represents a 19.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,145 shares of company stock worth $9,455,872. 10.20% of the stock is owned by corporate insiders.

Institutional Trading of Nuvalent

Several institutional investors have recently modified their holdings of NUVL. CWM LLC raised its position in shares of 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 period. ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent during the first quarter valued at $38,000. Covestor Ltd raised its position in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares during the period. Persistent Asset Partners Ltd acquired a new position in Nuvalent during the second quarter valued at $88,000. Finally, Farther Finance Advisors LLC raised its position in Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Company Profile

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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