Nuvalent (NASDAQ:NUVL) Now Covered by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report report published on Tuesday morning, MarketBeat reports. The firm issued an overweight rating and a $112.00 price objective on the stock.

NUVL has been the subject of a number of other research reports. The Goldman Sachs Group raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, June 30th. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners upped their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, June 24th. HC Wainwright reissued a “buy” rating and issued a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. Finally, Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the stock. According to data from MarketBeat.com, Nuvalent has an average rating of “Buy” and an average price target of $118.91.

Nuvalent Stock Down 0.5%

Shares of NASDAQ NUVL opened at $74.67 on Tuesday. The firm has a 50-day simple moving average of $78.76 and a 200-day simple moving average of $75.76. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of -15.24 and a beta of 1.30. Nuvalent has a 52 week low of $55.53 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same quarter last year, the business posted ($0.88) EPS. As a group, equities research analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares of the company’s stock, valued at $4,939,954.68. This trade represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Henry E. Pelish sold 8,630 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $79.87, for a total transaction of $689,278.10. Following the transaction, the insider directly owned 63,101 shares of the company’s stock, valued at approximately $5,039,876.87. This trade represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,145 shares of company stock valued at $9,455,872 over the last 90 days. 10.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC boosted its stake in shares of Nuvalent by 10.8% in the first quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after purchasing an additional 161 shares during the period. Parkman Healthcare Partners LLC boosted its stake in shares of Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock valued at $1,846,000 after purchasing an additional 188 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Nuvalent by 3.7% in the second quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company’s stock valued at $420,000 after purchasing an additional 196 shares during the period. Guggenheim Capital LLC boosted its stake in shares of Nuvalent by 2.7% in the second quarter. Guggenheim Capital LLC now owns 10,863 shares of the company’s stock valued at $829,000 after purchasing an additional 288 shares during the period. Finally, GF Fund Management CO. LTD. boosted its stake in shares of Nuvalent by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company’s stock valued at $119,000 after purchasing an additional 302 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.