Nuvalent (NASDAQ:NUVL) Given "Outperform" Rating at Wedbush

Key Points

• Wedbush analysts have reaffirmed an outperform rating on Nuvalent (NUVL), setting a target price of $115.00, indicating a potential upside of 45.43% from the current stock price.
• Nuvalent's stock recently opened at $79.08 and has shown significant activity, including insider selling, with 10.20% of shares currently owned by insiders.
• Institutional investors hold 97.26% of Nuvalent's shares, reflecting strong support from hedge funds and investment firms.

Nuvalent (NASDAQ:NUVL - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Wedbush in a note issued to investors on Monday,Benzinga reports. They presently have a $115.00 price target on the stock. Wedbush's price objective would suggest a potential upside of 42.91% from the company's current price.

NUVL has been the topic of several other research reports. Piper Sandler assumed coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. Guggenheim started coverage on Nuvalent in a report on Thursday, September 4th. They issued a "buy" rating and a $122.00 target price on the stock. Robert W. Baird raised their target price on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Leerink Partners raised their target price on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. Finally, Raymond James Financial started coverage on Nuvalent in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of "Buy" and an average price target of $120.91.

Nuvalent Stock Down 2.1%

NASDAQ:NUVL traded down $1.75 on Monday, hitting $80.47. The stock had a trading volume of 405,266 shares, compared to its average volume of 391,814. The business's fifty day moving average is $78.68 and its 200 day moving average is $75.25. The company has a market cap of $5.80 billion, a PE ratio of -16.42 and a beta of 1.29. Nuvalent has a 52 week low of $55.53 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly 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 last year, the company posted ($0.88) earnings per share. Equities analysts predict that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 14,700 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $85.10, for a total transaction of $1,250,970.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $5,253,563.40. This trade represents a 19.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $75.42, for a total value of $2,036,340.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 121,670 shares of company stock valued at $9,733,549. 10.20% of the stock is owned by insiders.

Institutional Trading of Nuvalent

A number of large investors have recently bought and sold shares of the company. Headlands Technologies LLC purchased a new stake in Nuvalent in the second quarter worth $329,000. Tower Research Capital LLC TRC increased its position in Nuvalent by 23.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company's stock worth $240,000 after buying an additional 588 shares during the last quarter. E Fund Management Co. Ltd. increased its position in Nuvalent by 12.9% in the second quarter. E Fund Management Co. Ltd. now owns 5,401 shares of the company's stock worth $412,000 after buying an additional 616 shares during the last quarter. BNP Paribas Financial Markets increased its position in Nuvalent by 130.7% in the second quarter. BNP Paribas Financial Markets now owns 135,613 shares of the company's stock worth $10,347,000 after buying an additional 76,834 shares during the last quarter. Finally, Braidwell LP increased its position in Nuvalent by 39.8% in the second quarter. Braidwell LP now owns 1,175,876 shares of the company's stock worth $89,719,000 after buying an additional 334,931 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other 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.