Nuvalent’s (NUVL) Outperform Rating Reaffirmed at Wedbush

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report released on Wednesday,Benzinga reports. They presently have a $125.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 22.25% from the company’s previous close.

NUVL has been the subject of several other reports. Wells Fargo & Company assumed coverage on Nuvalent in a report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvalent in a report on Thursday, January 22nd. UBS Group reiterated a “buy” rating on shares of Nuvalent in a report on Wednesday, December 17th. Cantor Fitzgerald boosted their price target on Nuvalent from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, February 27th. Finally, JPMorgan Chase & Co. cut their price target on Nuvalent from $147.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, December 19th. Sixteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $137.25.

Nuvalent Stock Performance

NUVL stock opened at $102.25 on Wednesday. Nuvalent has a 1 year low of $55.53 and a 1 year high of $113.01. The stock’s 50 day moving average price is $101.30 and its 200 day moving average price is $99.59. The firm has a market cap of $8.04 billion, a P/E ratio of -17.48 and a beta of 1.31.

Insider Buying and Selling at Nuvalent

In other news, insider Deborah Ann Miller sold 14,300 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $110.16, for a total transaction of $1,575,288.00. Following the completion of the sale, the insider directly owned 59,634 shares in the company, valued at $6,569,281.44. This represents a 19.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 11,430 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $105.21, for a total value of $1,202,550.30. Following the sale, the chief financial officer owned 85,533 shares of the company’s stock, valued at approximately $8,998,926.93. The trade was a 11.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,430 shares of company stock valued at $2,854,726 over the last quarter. 10.20% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Nuvalent by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after buying an additional 639,264 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Nuvalent by 7.0% during the 4th quarter. Wellington Management Group LLP now owns 2,461,823 shares of the company’s stock worth $247,635,000 after buying an additional 160,958 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after buying an additional 545,542 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Nuvalent by 18.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,146,938 shares of the company’s stock worth $215,962,000 after buying an additional 336,518 shares during the last quarter. Finally, RA Capital Management L.P. increased its holdings in shares of Nuvalent by 50.8% during the 4th quarter. RA Capital Management L.P. now owns 1,880,057 shares of the company’s stock worth $189,115,000 after buying an additional 633,601 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Company Profile

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.