Nuvalent (NASDAQ:NUVL) Now Covered by Piper Sandler

Key Points

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Equities researchers at Piper Sandler began coverage on shares of Nuvalent (NASDAQ:NUVL - Get Free Report) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set an "overweight" rating and a $112.00 price target on the stock. Piper Sandler's price objective would suggest a potential upside of 49.31% from the stock's current price.

NUVL has been the subject of several other research reports. Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, July 21st. HC Wainwright reissued a "buy" rating and issued a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Finally, Leerink Partners increased 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, June 24th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent currently has a consensus rating of "Buy" and an average target price of $118.91.

Nuvalent Stock Down 1.4%

NUVL opened at $75.01 on Tuesday. Nuvalent has a twelve month low of $55.53 and a twelve month high of $113.51. The company has a 50-day simple moving average of $78.85 and a 200 day simple moving average of $75.76. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of -15.31 and a beta of 1.30.

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

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 249,062 shares of the company's stock, valued at approximately $20,490,330.74. This represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $5,253,563.40. This represents a 19.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,145 shares of company stock valued at $7,419,532. 10.20% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

Several large investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC grew its position in shares of Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after buying an additional 161 shares during the period. Parkman Healthcare Partners LLC grew its position in shares of Nuvalent by 0.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock worth $1,846,000 after buying an additional 188 shares during the period. Kennedy Capital Management LLC grew its position in shares of Nuvalent by 3.7% during the 2nd quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company's stock worth $420,000 after buying an additional 196 shares during the period. Guggenheim Capital LLC grew its position in shares of Nuvalent by 2.7% during the 2nd quarter. Guggenheim Capital LLC now owns 10,863 shares of the company's stock worth $829,000 after buying an additional 288 shares during the period. Finally, GF Fund Management CO. LTD. grew its position in shares of Nuvalent by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock worth $119,000 after buying an additional 302 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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