Nuvalent (NASDAQ:NUVL) Earns Overweight Rating from Analysts at Piper Sandler

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Research analysts at Piper Sandler assumed coverage on shares of Nuvalent (NASDAQ:NUVL - Get Free Report) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set an "overweight" rating and a $112.00 price target on the stock. Piper Sandler's price target points to a potential upside of 47.21% from the company's current price.

A number of other brokerages also recently commented on NUVL. Leerink Partners boosted their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. HC Wainwright reiterated a "buy" rating and issued a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Finally, Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of "Buy" and a consensus target price of $118.91.

Nuvalent Stock Up 3.3%

Shares of NUVL traded up $2.43 during midday trading on Tuesday, reaching $76.08. The company had a trading volume of 407,091 shares, compared to its average volume of 509,960. The firm has a 50 day simple moving average of $78.55 and a 200-day simple moving average of $75.50. The stock has a market cap of $5.49 billion, a PE ratio of -15.53 and a beta of 1.30. Nuvalent has a 1-year low of $55.53 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period in the previous year, the business earned ($0.88) earnings per share. As a group, sell-side analysts anticipate that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Henry E. Pelish sold 8,630 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total value of $689,278.10. Following the transaction, the insider owned 63,101 shares of the company's stock, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 20,000 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $80.02, for a total value of $1,600,400.00. Following the transaction, the chief financial officer directly owned 61,734 shares in the company, valued at $4,939,954.68. This represents a 24.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,145 shares of company stock valued at $9,455,872. Company insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in Nuvalent by 5,549.7% during the first quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock worth $709,000 after acquiring an additional 9,823 shares during the period. New York State Common Retirement Fund grew its holdings in Nuvalent by 23.4% during the first quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock worth $1,485,000 after acquiring an additional 3,965 shares during the period. First Trust Advisors LP grew its holdings in Nuvalent by 3.9% during the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock worth $3,487,000 after acquiring an additional 1,685 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Nuvalent by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock valued at $101,601,000 after purchasing an additional 215,633 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Nuvalent by 5.1% in the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock valued at $3,761,000 after purchasing an additional 2,572 shares during 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.