HC Wainwright Begins Coverage on Nuvalent (NASDAQ:NUVL)

HC Wainwright started coverage on shares of Nuvalent (NASDAQ:NUVL) in a report published on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $110.00 price objective on the stock.

NUVL has been the topic of a number of other research reports. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Guggenheim lifted their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

Nuvalent Stock Down 3.0 %

Shares of NASDAQ NUVL opened at $77.87 on Monday. The firm’s 50-day moving average price is $91.11 and its two-hundred day moving average price is $87.37. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The stock has a market capitalization of $5.53 billion, a P/E ratio of -22.44 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the company earned ($0.59) earnings per share. As a group, equities research analysts expect that Nuvalent will post -3.84 earnings per share for the current year.

Insider Activity at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now directly owns 220,522 shares of the company’s stock, valued at $18,475,333.16. This represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,070,000 shares of company stock valued at $202,035,390 over the last ninety days. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock valued at $3,551,000 after buying an additional 2,664 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares during the last quarter. Exome Asset Management LLC bought a new position in Nuvalent during the third quarter valued at approximately $2,040,000. Virtu Financial LLC bought a new stake in Nuvalent in the third quarter worth approximately $759,000. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Nuvalent by 82.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock valued at $545,000 after purchasing an additional 2,400 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.