Nuvalent (NASDAQ:NUVL) Now Covered by Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm issued an overweight rating and a $116.00 price objective on the stock.

NUVL has been the subject of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research report on Thursday, January 22nd. UBS Group reaffirmed a “buy” rating on shares of Nuvalent in a report on Wednesday, December 17th. Cantor Fitzgerald upped their price target on Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Nuvalent from $147.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, December 19th. Sixteen investment 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, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $137.25.

Nuvalent Stock Performance

NUVL stock opened at $96.72 on Monday. Nuvalent has a one year low of $55.53 and a one year high of $113.01. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of -16.53 and a beta of 1.32. The firm has a 50-day simple moving average of $101.72 and a two-hundred day simple moving average of $98.53.

Insiders Place Their Bets

In other news, insider Christopher Durant Turner sold 4,236 shares of Nuvalent stock in a transaction on Monday, January 5th. The shares were sold at an average price of $97.32, for a total transaction of $412,247.52. Following the completion of the sale, the insider directly owned 58,311 shares in the company, valued at approximately $5,674,826.52. The trade was a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 2,664 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $97.17, for a total transaction of $258,860.88. Following the sale, the insider directly owned 65,888 shares in the company, valued at $6,402,336.96. This trade represents a 3.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 69,379 shares of company stock valued at $6,940,982. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. Hsbc Holdings PLC purchased a new stake in Nuvalent in the fourth quarter valued at approximately $709,000. Seven Fleet Capital Management LP acquired a new position in Nuvalent in the 4th quarter worth approximately $1,268,000. T. Rowe Price Investment Management Inc. raised its position in Nuvalent by 29.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,319,963 shares of the company’s stock worth $132,776,000 after buying an additional 298,727 shares during the last quarter. Invesco Ltd. raised its position in Nuvalent by 1,201.4% during the 4th quarter. Invesco Ltd. now owns 439,300 shares of the company’s stock worth $44,189,000 after buying an additional 405,543 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in Nuvalent during the 4th quarter valued at approximately $1,559,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

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.