HC Wainwright Reiterates “Buy” Rating for Nuvalent (NASDAQ:NUVL)

Nuvalent (NASDAQ:NUVL)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $110.00 target price on the stock. HC Wainwright’s price objective points to a potential upside of 46.71% from the stock’s current price.

Several other equities analysts also recently issued reports on the company. BMO Capital Markets upped their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Nuvalent Stock Performance

Nuvalent stock opened at $74.98 on Monday. The stock has a market cap of $5.33 billion, a PE ratio of -21.61 and a beta of 1.38. The stock has a 50-day moving average of $80.38 and a two-hundred day moving average of $88.52. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, sell-side analysts predict that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the completion of the transaction, the director now owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total transaction of $2,118,420.00. Following the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,800 shares of company stock valued at $8,895,004 in the last 90 days. 12.52% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

Institutional investors have recently bought and sold shares of the business. Creative Planning purchased a new position in shares of Nuvalent during the 3rd quarter valued at approximately $232,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Nuvalent by 29.9% in the third quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company’s stock valued at $2,201,000 after purchasing an additional 4,957 shares during the period. AlphaCentric Advisors LLC purchased a new stake in shares of Nuvalent during the third quarter worth about $716,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Nuvalent during the 3rd quarter worth about $2,412,000. 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.