Nuvalent (NASDAQ:NUVL) Raised to Buy at UBS Group

Nuvalent (NASDAQ:NUVL - Get Free Report) was upgraded by investment analysts at UBS Group from a "neutral" rating to a "buy" rating in a note issued to investors on Friday, Marketbeat Ratings reports. The firm currently has a $100.00 target price on the stock. UBS Group's target price would indicate a potential upside of 30.45% from the stock's previous close.

A number of other equities analysts also recently commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.10.

Nuvalent Stock Down 0.5 %

NUVL stock traded down $0.36 during trading on Friday, hitting $76.66. 373,969 shares of the company's stock traded hands, compared to its average volume of 458,638. The firm has a market capitalization of $5.49 billion, a P/E ratio of -22.09 and a beta of 1.42. Nuvalent has a 1 year low of $61.80 and a 1 year high of $113.51. The business has a fifty day simple moving average of $78.63 and a two-hundred day simple moving average of $87.91.

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Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, equities research analysts predict that Nuvalent will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now directly owns 216,522 shares of the company's stock, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Richard Porter sold 17,301 shares of the company's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,845,260.16. The trade was a 6.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,800 shares of company stock valued at $6,556,534. Insiders own 12.52% of the company's stock.

Institutional Investors Weigh In On Nuvalent

Large investors have recently bought and sold shares of the company. Boxer Capital Management LLC acquired a new position in Nuvalent in the fourth quarter valued at approximately $87,689,000. FMR LLC increased its holdings in shares of Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company's stock valued at $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Nuvalent in the 4th quarter valued at $46,968,000. Polar Capital Holdings Plc boosted 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 buying an additional 584,223 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Nuvalent by 65.5% in 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. Hedge funds and other 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.