Nuvalent (NASDAQ:NUVL) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report sent to investors on Tuesday morning,RTT News reports. The brokerage currently has a $115.00 price objective on the stock.

A number of other equities research analysts have also issued reports on the company. UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Guggenheim boosted 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. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets lifted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $112.40.

Nuvalent Stock Down 3.6 %

Shares of NASDAQ NUVL opened at $90.99 on Tuesday. Nuvalent has a 12-month low of $55.33 and a 12-month high of $113.51. The company has a 50-day moving average of $97.05 and a 200 day moving average of $82.84.

Insider Transactions at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now owns 228,522 shares of the company’s stock, valued at approximately $19,300,968.12. 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 this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $19,240,197.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

Several hedge funds have recently made changes to their positions in NUVL. Darwin Global Management Ltd. grew its holdings in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Samlyn Capital LLC acquired a new position in shares of Nuvalent in the second quarter worth $17,397,000. Logos Global Management LP purchased a new stake in shares of Nuvalent during the second quarter worth $14,793,000. Dimensional Fund Advisors LP increased its position in shares of 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 acquiring an additional 106,838 shares in the last quarter. 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.