Nuvalent (NASDAQ:NUVL) Rating Increased to Buy at UBS Group

Nuvalent (NASDAQ:NUVL) was upgraded by stock analysts at UBS Group from a “neutral” rating to a “buy” rating in a report issued on Friday, Marketbeat.com reports. The firm presently has a $100.00 target price on the stock. UBS Group’s price target would indicate a potential upside of 34.26% from the company’s current price.

NUVL has been the topic of a number of other reports. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Nuvalent Stock Performance

Shares of NUVL stock opened at $74.48 on Friday. The firm has a market cap of $5.33 billion, a P/E ratio of -21.46 and a beta of 1.42. The firm’s 50 day moving average price is $78.72 and its 200-day moving average price is $87.97. Nuvalent has a one year low of $61.80 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, research analysts predict that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now owns 220,522 shares in the company, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 2,483 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares in the company, valued at $4,779,286.08. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,800 shares of company stock worth $8,895,004 over the last ninety days. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NUVL. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $27,000. Quarry LP acquired a new stake in Nuvalent during the 4th quarter worth $39,000. US Bancorp DE purchased a new position in Nuvalent during the 4th quarter worth $90,000. GF Fund Management CO. LTD. acquired a new position in Nuvalent in the fourth quarter valued at $108,000. Finally, KBC Group NV increased its stake in Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after purchasing an additional 602 shares during the period. Hedge funds and other institutional investors 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.