Nuvalent (NASDAQ:NUVL) Upgraded at Leerink Partnrs

Nuvalent (NASDAQ:NUVLGet Free Report) was upgraded by equities researchers at Leerink Partnrs from a “market perform” rating to an “outperform” rating in a research 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.

A number of other equities analysts also recently weighed in on the company. Guggenheim assumed coverage on Nuvalent in a report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price on the stock. SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the company from $69.00 to $110.00 in a report on Monday. BMO Capital Markets increased their price objective on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Robert W. Baird began coverage on Nuvalent in a research report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price for the company. Finally, Wedbush reissued an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.00.

Check Out Our Latest Stock Report on NUVL

Nuvalent Trading Down 4.8 %

Shares of NASDAQ NUVL opened at $73.42 on Monday. Nuvalent has a twelve month low of $23.09 and a twelve month high of $89.39. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -33.99 and a beta of 1.30. The firm has a 50-day moving average of $81.00 and a two-hundred day moving average of $68.94.

Nuvalent (NASDAQ:NUVLGet Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). As a group, research analysts predict that Nuvalent will post -2.96 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in shares of Nuvalent by 41.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after acquiring an additional 187 shares during the last quarter. Amundi bought a new stake in Nuvalent in the 4th quarter valued at $34,000. KBC Group NV bought a new stake in Nuvalent in the 4th quarter valued at $52,000. China Universal Asset Management Co. Ltd. boosted its stake in Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after purchasing an additional 654 shares during the period. Finally, Compass Wealth Management LLC bought a new stake in Nuvalent in the 4th quarter valued at $63,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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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