Nuvalent's (NUVL) Outperform Rating Reaffirmed 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 restated by analysts at Wedbush in a note issued to investors on Monday,Benzinga reports. They currently have a $115.00 target price on the stock. Wedbush's price objective suggests a potential upside of 45.43% from the company's current price.

NUVL has been the topic of a number of other reports. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Raymond James Financial started coverage on Nuvalent in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 price target on the stock. Piper Sandler started coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. Leerink Partners boosted their price target on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Finally, Guggenheim started coverage on Nuvalent in a report on Thursday. They issued a "buy" rating and a $122.00 price target 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. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $120.91.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $79.08 on Monday. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of -16.33 and a beta of 1.29. The stock's 50-day simple moving average is $78.60 and its two-hundred day simple moving average is $75.14. Nuvalent has a 52-week low of $55.53 and a 52-week high of $113.51.

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 analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the firm earned ($0.88) earnings per share. As a group, equities analysts forecast that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Henry E. Pelish sold 5,500 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $74.85, for a total transaction of $411,675.00. Following the transaction, the insider owned 60,956 shares of the company's stock, valued at approximately $4,562,556.60. The trade was a 8.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business's 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 transaction, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $18,784,256.04. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 117,945 shares of company stock valued at $9,439,908 in the last quarter. 10.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently bought and sold shares of the business. Vestal Point Capital LP acquired a new position in Nuvalent during the 4th quarter valued at about $46,968,000. Braidwell LP grew its holdings in Nuvalent by 248.6% during the first quarter. Braidwell LP now owns 840,945 shares of the company's stock worth $59,640,000 after acquiring an additional 599,710 shares during the period. Polar Capital Holdings Plc grew its holdings in Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after acquiring an additional 584,223 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in Nuvalent during the first quarter worth approximately $31,969,000. Finally, Norges Bank purchased a new position in Nuvalent during the second quarter worth approximately $28,582,000. Institutional investors 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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