Leerink Partnrs Upgrades Nuvalent (NASDAQ:NUVL) to “Outperform”

Nuvalent (NASDAQ:NUVLGet Free Report) was upgraded by research analysts at Leerink Partnrs from a “market perform” rating to an “outperform” rating in a report issued on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Nuvalent’s Q2 2024 earnings at ($0.80) EPS, Q3 2024 earnings at ($0.82) EPS and Q4 2024 earnings at ($0.84) EPS.

Several other brokerages also recently commented on NUVL. BMO Capital Markets upped their price target on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $69.00 to $110.00 in a research note on Monday. Robert W. Baird began coverage on shares of Nuvalent in a research note on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.00.

View Our Latest Research Report on Nuvalent

Nuvalent Stock Down 4.8 %

Shares of NUVL stock opened at $73.42 on Monday. The stock has a market cap of $4.70 billion, a P/E ratio of -33.99 and a beta of 1.30. Nuvalent has a 52 week low of $23.09 and a 52 week high of $89.39. The company’s fifty day simple moving average is $81.00 and its two-hundred day simple moving average is $68.94.

Nuvalent (NASDAQ:NUVLGet Free Report) last announced its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, analysts anticipate that Nuvalent will post -2.96 EPS for the current fiscal year.

Insider Activity at Nuvalent

In related news, insider Deborah Ann Miller sold 22,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $75.20, for a total transaction of $1,654,400.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,504,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Nuvalent news, insider Deborah Ann Miller sold 22,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $75.20, for a total value of $1,654,400.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,504,160. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Darlene Noci sold 20,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders sold 959,500 shares of company stock valued at $70,121,075 over the last 90 days. Insiders own 14.77% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its holdings in shares of Nuvalent by 1.4% during the fourth 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 last quarter. Tower Research Capital LLC TRC grew its position in Nuvalent by 41.0% during the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after buying an additional 187 shares during the period. State Board of Administration of Florida Retirement System grew its position in Nuvalent by 3.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock valued at $323,000 after buying an additional 210 shares during the period. Teacher Retirement System of Texas grew its position in Nuvalent by 4.8% during the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company’s stock valued at $269,000 after buying an additional 269 shares during the period. Finally, Amalgamated Bank grew its position in Nuvalent by 8.1% during 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 during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Nuvalent (NASDAQ:NUVL)

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