Nuvalent (NASDAQ:NUVL) Earns Outperform Rating from Wedbush

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a note issued to investors on Tuesday,RTT News reports. They currently have a $115.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 26.39% from the stock’s current price.

NUVL has been the topic of several other research reports. BMO Capital Markets raised their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. UBS Group assumed coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $112.40.

Nuvalent Stock Down 3.6 %

NASDAQ NUVL traded down $3.40 on Tuesday, hitting $90.99. The stock had a trading volume of 360,061 shares, compared to its average volume of 438,966. Nuvalent has a one year low of $55.33 and a one year high of $113.51. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of -32.73 and a beta of 1.33. The company’s 50-day moving average is $96.90 and its two-hundred day moving average is $82.67.

Insider Activity at Nuvalent

In other news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was 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 directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvalent

Large investors have recently made changes to their positions in the business. Darwin Global Management Ltd. raised its position in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Samlyn Capital LLC bought a new position in shares of Nuvalent during the second quarter worth about $17,397,000. Logos Global Management LP bought a new position in shares of Nuvalent during the second quarter worth about $14,793,000. Dimensional Fund Advisors LP lifted its holdings in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after acquiring an additional 155,276 shares during the period. Finally, First Turn Management LLC raised its stake in shares of Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. 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.