Nuvalent’s (NUVL) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a report issued on Tuesday,RTT News reports. Wedbush currently has a $115.00 price target on the stock. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, FY2024 earnings at ($3.78) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

Several other analysts also recently commented on NUVL. Stifel Nicolaus increased their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. BMO Capital Markets boosted their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Finally, Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Stock Down 3.7 %

Shares of NUVL opened at $86.88 on Tuesday. The stock has a market cap of $5.63 billion, a P/E ratio of -25.04 and a beta of 1.33. The business’s 50 day moving average price is $97.28 and its 200-day moving average price is $83.08. Nuvalent has a 52 week low of $56.52 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the company earned ($0.59) earnings per share. On average, equities analysts anticipate that Nuvalent will post -3.58 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,804,859. This represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,122,629 shares of company stock worth $207,180,508 over the last quarter. 12.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

Large investors have recently made changes to their positions in the business. Quest Partners LLC purchased a new position in shares of Nuvalent in the second quarter worth $44,000. Amalgamated Bank increased its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Nuvalent in the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Nuvalent in the first quarter worth about $202,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.