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

Nuvalent (NASDAQ:NUVL - Get Free Report)'s stock had its "outperform" rating reiterated by investment analysts at Wedbush in a report issued on Monday,RTT News reports. They presently have a $115.00 target price on the stock. Wedbush's price target points to a potential upside of 59.52% from the company's previous close.

A number of other brokerages also recently commented on NUVL. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a report on Monday, September 16th. HC Wainwright started coverage on shares of Nuvalent in a report on Monday, December 30th. They issued a "buy" rating and a $110.00 target price for the company. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $112.36.

Nuvalent Trading Down 5.9 %

NUVL traded down $4.52 during trading hours on Monday, hitting $72.09. 1,034,131 shares of the company's stock were exchanged, compared to its average volume of 556,704. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a 50 day moving average of $88.18 and a 200 day moving average of $87.36. The firm has a market cap of $5.12 billion, a P/E ratio of -20.78 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter in the prior year, the firm earned ($0.59) EPS. As a group, research analysts expect that Nuvalent will post -3.84 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This trade represents a 18.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 17,301 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $1,378,543.68. Following the completion of the transaction, the chief executive officer now owns 249,062 shares of the company's stock, valued at $19,845,260.16. This represents a 6.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,093,800 shares of company stock worth $203,931,774. Company insiders own 12.52% of the company's stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently added to or reduced their stakes in the business. Edgestream Partners L.P. acquired a new stake in shares of Nuvalent during the 2nd quarter worth about $1,191,000. Y Intercept Hong Kong Ltd acquired a new position in Nuvalent during the third quarter valued at approximately $1,255,000. Lord Abbett & CO. LLC lifted its position in Nuvalent by 29.5% during the third 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 in the last quarter. Citigroup Inc. raised its stake in shares of Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company's stock valued at $9,671,000 after purchasing an additional 12,256 shares during the period. Finally, Barclays PLC raised its stake in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after purchasing an additional 40,754 shares during the period. 97.26% of the stock is currently 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.

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