Nuvalent (NASDAQ:NUVL) Now Covered by Analysts at UBS Group

UBS Group assumed coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note published on Thursday morning, MarketBeat.com reports. The firm issued a neutral rating and a $100.00 target price on the stock.

A number of other brokerages have also weighed in on NUVL. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Wedbush lifted their target price on Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $112.40.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $93.63 on Thursday. The firm has a market capitalization of $6.07 billion, a P/E ratio of -33.68 and a beta of 1.29. The business’s 50-day moving average is $94.52 and its 200 day moving average is $80.29. Nuvalent has a 1 year low of $49.02 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) EPS. On average, analysts expect that Nuvalent will post -3.52 EPS for the current year.

Insider Transactions at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total value of $795,100.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,647,683. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total transaction of $795,100.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,647,683. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $79.59, for a total transaction of $159,180.00. Following the sale, the director now owns 230,522 shares of the company’s stock, valued at $18,347,245.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,130,629 shares of company stock valued at $207,651,868 over the last ninety days. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of Nuvalent during the second quarter worth about $44,000. Amalgamated Bank raised its stake in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new position in Nuvalent in the first quarter valued at $121,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Nuvalent by 9.2% during 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 during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.