Stifel Nicolaus Initiates Coverage on Nuvalent (NASDAQ:NUVL)

Key Points

• Stifel Nicolaus has reiterated a buy rating on Nuvalent (NASDAQ:NUVL) with a price target of $115.00, suggesting a potential upside of 25.97% from its previous closing price.
• The company's stock recently traded up 1.8% to $91.29, while analysts have varied opinions, with Cantor Fitzgerald giving an "overweight" rating at a price target of $135.00 and Weiss Ratings maintaining a "sell" rating.
• Insider transactions revealed significant stock sales, with CEO James Richard Porter and insider Henry E. Pelish reducing their holdings by 9.78% and 3.56%, respectively, amid increased institutional investor interest in the company.

Research analysts at Stifel Nicolaus began coverage on shares of Nuvalent (NASDAQ:NUVL - Get Free Report) in a research note issued to investors on Thursday, Marketbeat reports. The firm set a "buy" rating and a $115.00 price target on the stock. Stifel Nicolaus' price target points to a potential upside of 26.08% from the stock's previous close.

A number of other analysts have also weighed in on the stock. Piper Sandler started coverage on shares of Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Nuvalent in a research note on Wednesday. They set an "overweight" rating and a $135.00 target price on the stock. Raymond James Financial started coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 target price on the stock. Robert W. Baird upped their target price on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright restated a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $120.00.

Nuvalent Trading Up 1.8%

NUVL traded up $1.57 during mid-day trading on Thursday, hitting $91.21. 111,650 shares of the stock were exchanged, compared to its average volume of 513,371. The firm's fifty day moving average is $79.58 and its two-hundred day moving average is $76.63. Nuvalent has a 1-year low of $55.53 and a 1-year high of $105.13. The company has a market cap of $6.58 billion, a PE ratio of -18.62 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 2,433 shares of the company's stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $85.78, for a total value of $208,702.74. Following the sale, the insider owned 65,963 shares of the company's stock, valued at approximately $5,658,306.14. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alexandra Balcom sold 20,000 shares of the company's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $88.51, for a total value of $1,770,200.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at $5,464,076.34. This trade 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 120,883 shares of company stock valued at $9,887,854. Insiders own 10.20% of the company's stock.

Institutional Trading of Nuvalent

Large investors have recently bought and sold shares of the company. CWM LLC lifted its position in shares of Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after acquiring an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent in the first quarter valued at $38,000. Covestor Ltd lifted its position in shares of Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after acquiring an additional 861 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Nuvalent in the second quarter valued at $88,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Nuvalent by 9,230.8% in the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after acquiring an additional 1,200 shares in 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.