Nuvalent’s (NUVL) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research note issued to investors on Thursday, RTT News reports. The brokerage currently has a $99.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on NUVL. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Jefferies Financial Group assumed coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a buy rating and a $97.00 price target for the company. Finally, Stifel Nicolaus upped their price target on Nuvalent from $103.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Buy and an average price target of $103.13.

Nuvalent Stock Performance

NASDAQ:NUVL traded down $0.25 during trading hours on Thursday, reaching $69.99. The company’s stock had a trading volume of 482,045 shares, compared to its average volume of 410,145. The firm has a 50-day simple moving average of $76.77 and a 200-day simple moving average of $75.71. Nuvalent has a 1 year low of $39.86 and a 1 year high of $89.39. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -29.04 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the firm posted ($0.51) earnings per share. Equities analysts anticipate that Nuvalent will post -3.06 earnings per share for the current fiscal year.

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $67.22, for a total value of $134,440.00. Following the transaction, the director now directly owns 234,522 shares of the company’s stock, valued at approximately $15,764,568.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. Insiders have sold a total of 95,500 shares of company stock valued at $6,934,650 in the last 90 days. 12.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth $44,000. SG Americas Securities LLC bought a new stake in Nuvalent in the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC lifted its stake in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new position in shares of Nuvalent during the 1st quarter valued at about $202,000. Finally, Amalgamated Bank increased its holdings in shares of Nuvalent by 8.1% in the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after purchasing an additional 285 shares during the last quarter. 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.