Nuvalent (NASDAQ:NUVL) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Nuvalent (NASDAQ:NUVL - Free Report) in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $110.00 target price on the stock.

Several other research analysts have also weighed in on the company. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $112.36.

Nuvalent Trading Down 3.0 %

Shares of NUVL stock traded down $2.43 on Monday, reaching $77.87. The company had a trading volume of 607,793 shares, compared to its average volume of 437,612. The stock has a market cap of $5.53 billion, a PE ratio of -22.44 and a beta of 1.31. The company has a 50-day moving average of $91.11 and a 200-day moving average of $87.37. Nuvalent has a 12 month low of $61.79 and a 12 month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the company earned ($0.59) EPS. Sell-side analysts anticipate that Nuvalent will post -3.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $101.74, for a total value of $508,700.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. The trade was a 13.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the sale, the director now owns 224,522 shares of the company's stock, valued at approximately $20,595,403.06. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,075,000 shares of company stock worth $202,544,090 over the last three months. 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 stock. Edgestream Partners L.P. bought a new position in shares of Nuvalent in the second quarter worth $1,191,000. Y Intercept Hong Kong Ltd acquired a new stake in Nuvalent during the third quarter worth about $1,255,000. Lord Abbett & CO. LLC increased its holdings in Nuvalent by 29.5% in 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 period. Citigroup Inc. raised its position in shares of Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company's stock valued at $9,671,000 after buying an additional 12,256 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.