Nuvalent (NASDAQ:NUVL) Coverage Initiated by Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note released on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $126.00 price target on the stock.

A number of other equities analysts have also recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, September 8th. Stifel Nicolaus started coverage on Nuvalent in a report on Thursday, October 16th. They set a “buy” rating and a $115.00 price target for the company. The Goldman Sachs Group reissued a “buy” rating and set a $120.00 price target on shares of Nuvalent in a research report on Friday, October 31st. Barclays lifted their target price on shares of Nuvalent from $100.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Guggenheim assumed coverage on Nuvalent in a research report on Thursday, September 4th. They set a “buy” rating and a $122.00 price target for the company. Thirteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.46.

Nuvalent Stock Down 2.5%

NASDAQ NUVL traded down $2.43 on Wednesday, hitting $94.60. The company’s stock had a trading volume of 243,559 shares, compared to its average volume of 518,559. The firm has a market cap of $6.88 billion, a PE ratio of -17.78 and a beta of 1.31. Nuvalent has a 1-year low of $55.53 and a 1-year high of $104.90. The company’s 50-day moving average is $87.42 and its 200 day moving average is $80.53.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter in the previous year, the company posted ($1.28) earnings per share. On average, equities analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insider Activity

In other news, Director Matthew Shair sold 32,455 shares of the stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $100.27, for a total transaction of $3,254,262.85. Following the completion of the transaction, the director owned 1,383,044 shares in the company, valued at approximately $138,677,821.88. This represents a 2.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 14,205 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $90.04, for a total value of $1,279,018.20. Following the completion of the sale, the insider owned 65,963 shares in the company, valued at $5,939,308.52. This represents a 17.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 273,071 shares of company stock worth $24,625,356. 10.20% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

A number of institutional investors have recently modified their holdings of the business. CWM LLC boosted its holdings in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after buying an additional 359 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent during the first quarter worth $38,000. Aster Capital Management DIFC Ltd bought a new position in shares of Nuvalent in the third quarter worth $38,000. Eastern Bank bought a new position in shares of Nuvalent in the third quarter worth $52,000. Finally, Covestor Ltd grew its position in shares of Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after purchasing an additional 861 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.