Nuvalent (NASDAQ:NUVL) Upgraded to Strong-Buy at The Goldman Sachs Group

Nuvalent (NASDAQ:NUVL - Get Free Report) was upgraded by equities research analysts at The Goldman Sachs Group to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other brokerages have also issued reports on NUVL. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Leerink Partners lifted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Robert W. Baird upped their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $119.60.

Nuvalent Stock Up 3.2%

Shares of NASDAQ:NUVL traded up $2.49 during trading on Monday, hitting $80.50. The stock had a trading volume of 558,641 shares, compared to its average volume of 503,185. The company has a market capitalization of $5.78 billion, a PE ratio of -18.34 and a beta of 1.31. The firm's fifty day moving average is $74.99 and its 200 day moving average is $76.08. Nuvalent has a 12 month low of $55.54 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period last year, the company posted ($0.69) earnings per share. Equities research analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In related news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 61,734 shares in the company, valued at approximately $4,939,954.68. This trade represents a 24.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at $17,170,334.28. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,000 shares of company stock worth $4,340,449. Insiders own 10.20% of the company's stock.

Institutional Trading of Nuvalent

A number of large investors have recently made changes to their positions in NUVL. Bank of New York Mellon Corp boosted its holdings in Nuvalent by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company's stock worth $9,085,000 after purchasing an additional 3,834 shares during the last quarter. US Bancorp DE purchased a new position in shares of Nuvalent in the 4th quarter worth $90,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Nuvalent by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock worth $25,329,000 after acquiring an additional 7,742 shares during the period. M&T Bank Corp increased its position in Nuvalent by 16.4% during the fourth quarter. M&T Bank Corp now owns 8,473 shares of the company's stock valued at $664,000 after acquiring an additional 1,192 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Nuvalent during the fourth quarter valued at $376,000. 97.26% of the stock is currently owned by 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.