Nuvalent (NASDAQ:NUVL) Rating Increased to Strong Sell at The Goldman Sachs Group

Nuvalent (NASDAQ:NUVL) was upgraded by The Goldman Sachs Group to a “strong sell” rating in a research note issued on Monday, Zacks.com reports.

NUVL has been the subject of a number of other research reports. Wedbush lifted their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday. Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday. Guggenheim lifted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Trading Down 6.6 %

Shares of NUVL opened at $104.75 on Monday. The company’s 50-day moving average price is $80.68 and its 200 day moving average price is $75.97. Nuvalent has a 12-month low of $39.86 and a 12-month high of $113.51. The firm has a market cap of $6.76 billion, a P/E ratio of -43.46 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the firm earned ($0.51) EPS. Equities research analysts forecast that Nuvalent will post -3.55 earnings per share for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now directly owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,511,819. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Insiders have sold 84,834 shares of company stock worth $6,818,117 in the last quarter. Company insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its stake in shares of Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after buying an additional 285 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Nuvalent by 19.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 236,881 shares of the company’s stock valued at $17,432,000 after acquiring an additional 38,895 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Nuvalent by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after purchasing an additional 18,263 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of Nuvalent by 13.9% in the 4th quarter. Franklin Resources Inc. now owns 175,436 shares of the company’s stock valued at $12,910,000 after purchasing an additional 21,390 shares in the last quarter. Institutional investors and hedge funds 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.