HC Wainwright Reiterates Buy Rating for Nuvalent (NASDAQ:NUVL)

HC Wainwright restated their buy rating on shares of Nuvalent (NASDAQ:NUVL - Free Report) in a research note released on Friday morning,Benzinga reports. The firm currently has a $110.00 price objective on the stock.

NUVL has been the topic of several other research reports. UBS Group initiated coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 price target on the stock. Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday. JPMorgan Chase & Co. upped their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Finally, BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $112.36.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $0.25 on Friday, reaching $75.74. The company had a trading volume of 176,911 shares, compared to its average volume of 530,698. The firm has a market cap of $5.38 billion, a PE ratio of -21.86 and a beta of 1.38. The firm's 50 day moving average price is $86.74 and its two-hundred day moving average price is $87.15. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly 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 period last year, the firm posted ($0.59) earnings per share. As a group, sell-side analysts predict that Nuvalent will post -3.86 EPS for the current year.

Insider Activity

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company's stock, valued at $2,970,027. The trade was a 23.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Henry E. Pelish sold 2,483 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total transaction of $197,845.44. Following the sale, the insider now owns 59,981 shares of the company's stock, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,066,800 shares of company stock worth $201,170,214. Corporate insiders own 12.52% of the company's stock.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC grew its position in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company's stock valued at $987,640,000 after buying an additional 786,257 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock worth $103,511,000 after acquiring an additional 400,402 shares during the period. Samlyn Capital LLC acquired a new position in shares of Nuvalent during the second quarter worth about $17,397,000. Logos Global Management LP purchased a new position in Nuvalent during the second quarter worth about $14,793,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock valued at $26,409,000 after buying an additional 155,276 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.