Nuvalent (NASDAQ:NUVL) Upgraded to Sell at Wall Street Zen

Nuvalent (NASDAQ:NUVL) was upgraded by research analysts at Wall Street Zen to a “sell” rating in a research note issued to investors on Saturday.

Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus set a $124.00 price target on shares of Nuvalent in a report on Tuesday, June 9th. Sanford C. Bernstein downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $172.00 to $124.00 in a research note on Wednesday, June 24th. Canaccord Genuity Group lowered shares of Nuvalent from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 9th. Guggenheim cut shares of Nuvalent from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $151.00 to $124.00 in a research note on Wednesday, June 10th. Finally, TD Cowen downgraded Nuvalent from a “buy” rating to a “hold” rating and set a $124.00 price target for the company. in a report on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $127.73.

Nuvalent Price Performance

NUVL opened at $123.96 on Friday. The firm has a market cap of $9.79 billion, a P/E ratio of -20.46 and a beta of 1.14. The business’s fifty day simple moving average is $113.85 and its 200 day simple moving average is $106.52. Nuvalent has a 52 week low of $71.13 and a 52 week high of $123.99.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the previous year, the business earned ($1.18) EPS. As a group, equities analysts expect that Nuvalent will post -5.74 EPS for the current fiscal year.

Insider Activity at Nuvalent

In related news, insider Henry E. Pelish sold 2,111 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $123.81, for a total value of $261,362.91. Following the sale, the insider directly owned 63,493 shares of the company’s stock, valued at approximately $7,861,068.33. This trade represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares in the company, valued at $33,036,945.51. This represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 125,971 shares of company stock worth $13,358,939. 5.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently bought and sold shares of the stock. Aberdeen Group plc raised its position in shares of Nuvalent by 115.4% in the 4th quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock worth $16,615,000 after buying an additional 88,489 shares during the period. Hudson Bay Capital Management LP purchased a new stake in Nuvalent during the third quarter valued at about $1,297,000. Rhenman & Partners Asset Management AB grew its position in Nuvalent by 211.1% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 163,350 shares of the company’s stock valued at $16,431,000 after acquiring an additional 110,850 shares during the period. Nicholas Investment Partners LP increased its stake in Nuvalent by 29.2% during the fourth quarter. Nicholas Investment Partners LP now owns 160,483 shares of the company’s stock worth $16,143,000 after acquiring an additional 36,305 shares during the last quarter. Finally, Comerica Bank increased its stake in Nuvalent by 25,180.0% during the fourth quarter. Comerica Bank now owns 20,224 shares of the company’s stock worth $2,034,000 after acquiring an additional 20,144 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.