UBS Group Upgrades Nuvalent (NASDAQ:NUVL) to “Buy”

UBS Group upgraded shares of Nuvalent (NASDAQ:NUVL) from a neutral rating to a buy rating in a report published on Friday morning, MarketBeat reports. UBS Group currently has $100.00 target price on the stock.

NUVL has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.10.

Nuvalent Price Performance

Shares of NUVL opened at $77.01 on Friday. Nuvalent has a 1-year low of $61.80 and a 1-year high of $113.51. The company has a market capitalization of $5.51 billion, a P/E ratio of -22.19 and a beta of 1.42. The firm’s 50 day simple moving average is $78.65 and its 200 day simple moving average is $87.92.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, equities analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 4,016 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the completion of the sale, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock valued at $8,895,004 in the last quarter. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in Nuvalent by 8.9% during the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after acquiring an additional 786,257 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock valued at $419,845,000 after purchasing an additional 363,379 shares during the period. Vanguard Group Inc. boosted its position in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock valued at $101,601,000 after buying an additional 215,633 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Nuvalent by 27.0% during the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after buying an additional 272,738 shares in the last quarter. 97.26% of the stock is 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.