Nuvalent (NASDAQ:NUVL) Coverage Initiated at Jefferies Financial Group

Equities researchers at Jefferies Financial Group assumed coverage on shares of Nuvalent (NASDAQ:NUVL) in a report released on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $97.00 price target on the stock. Jefferies Financial Group’s target price suggests a potential upside of 53.82% from the company’s current price.

Several other research firms also recently commented on NUVL. JPMorgan Chase & Co. lifted their price target on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Leerink Partnrs raised shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. BMO Capital Markets upped their price target on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a report on Tuesday, February 27th. Finally, Robert W. Baird initiated coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and a consensus target price of $90.78.

Nuvalent Stock Down 1.9 %

NUVL opened at $63.06 on Wednesday. The business’s fifty day simple moving average is $78.66 and its 200 day simple moving average is $70.56. Nuvalent has a 52 week low of $31.09 and a 52 week high of $89.39. The stock has a market cap of $4.04 billion, a PE ratio of -29.19 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities analysts anticipate that Nuvalent will post -2.93 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now directly owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Andrew A. F. Hack sold 880,000 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the transaction, the director now owns 2,697,267 shares in the company, valued at $196,280,119.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00. Following the transaction, the director now owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The disclosure for this sale can be found here. Insiders have sold 1,075,000 shares of company stock valued at $78,251,375 over the last ninety days. 14.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP raised its position in Nuvalent by 43.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock worth $1,975,000 after buying an additional 12,955 shares during the last quarter. Rafferty Asset Management LLC boosted its holdings in Nuvalent by 18.9% in the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after purchasing an additional 15,197 shares during the last quarter. New York State Common Retirement Fund grew its position in Nuvalent by 49.8% in the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock worth $929,000 after purchasing an additional 6,714 shares during the period. Invesco Ltd. raised its stake in Nuvalent by 51.2% during the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after buying an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Nuvalent by 196.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after buying an additional 131,296 shares during the period. 97.26% of the stock is owned by 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.