Nuvalent (NASDAQ:NUVL) Coverage Initiated by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Nuvalent (NASDAQ:NUVL) in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $140.00 price target on the stock.

NUVL has been the topic of several other reports. HC Wainwright raised their target price on shares of Nuvalent from $130.00 to $155.00 and gave the company a “buy” rating in a report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research note on Wednesday, October 8th. Wedbush restated an “outperform” rating and set a $125.00 price objective (up from $120.00) on shares of Nuvalent in a research report on Monday, November 17th. The Goldman Sachs Group upped their target price on Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Finally, Cantor Fitzgerald began coverage on Nuvalent in a research note on Wednesday, October 15th. They issued an “overweight” rating and a $135.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $137.86.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $109.53 on Monday. The business’s 50 day simple moving average is $91.31 and its 200 day simple moving average is $82.29. Nuvalent has a 1 year low of $55.53 and a 1 year high of $112.88. The company has a market capitalization of $7.96 billion, a P/E ratio of -20.59 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the prior year, the business earned ($1.28) earnings per share. On average, sell-side analysts anticipate that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In related 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 value of $3,254,262.85. Following the completion of the sale, the director directly owned 1,383,044 shares in the company, valued at $138,677,821.88. This represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alexandra Balcom sold 729 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $104.26, for a total value of $76,005.54. Following the transaction, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at approximately $6,436,386.84. This represents a 1.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,033,574 shares of company stock worth $98,078,384. Company insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NUVL. CWM LLC boosted its stake in shares of Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after purchasing an additional 359 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in Nuvalent during the third quarter worth $38,000. Eastern Bank acquired a new position in Nuvalent in the third quarter valued at $52,000. Covestor Ltd boosted its position in Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after acquiring an additional 861 shares during the last quarter. Finally, Persistent Asset Partners Ltd bought a new stake in Nuvalent during the second quarter valued at $88,000. 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.