Nuvalent’s (NUVL) “Outperform” Rating Reaffirmed at Wedbush

Wedbush restated their outperform rating on shares of Nuvalent (NASDAQ:NUVL) in a research report report published on Wednesday,Benzinga reports. They currently have a $125.00 price target on the stock.

A number of other analysts also recently commented on NUVL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvalent in a research report on Thursday, January 22nd. Cantor Fitzgerald upped their price objective on Nuvalent from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. UBS Group restated a “buy” rating on shares of Nuvalent in a research report on Wednesday, December 17th. Wells Fargo & Company initiated coverage on Nuvalent in a research report on Monday, March 30th. They issued an “overweight” rating and a $116.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on Nuvalent from $147.00 to $145.00 and set an “overweight” rating on the stock in a research report on Friday, December 19th. Sixteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $137.25.

Nuvalent Stock Performance

NUVL opened at $105.04 on Wednesday. The business’s fifty day moving average is $101.39 and its two-hundred day moving average is $99.62. The company has a market cap of $8.26 billion, a price-to-earnings ratio of -17.96 and a beta of 1.31. Nuvalent has a one year low of $55.53 and a one year high of $113.01.

Insider Activity

In other news, 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 directly owned 85,533 shares in the company, valued at $8,998,926.93. This represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $103.77, for a total value of $3,113,100.00. Following the completion of the sale, the chief executive officer owned 324,879 shares in the company, valued at $33,712,693.83. This represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,430 shares of company stock worth $5,967,826 over the last three months. 10.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. AQR Capital Management LLC lifted its position in Nuvalent by 64.8% during the first quarter. AQR Capital Management LLC now owns 9,874 shares of the company’s stock worth $700,000 after buying an additional 3,881 shares during the period. Goldman Sachs Group Inc. lifted its position in Nuvalent by 54.4% during the first quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company’s stock worth $32,171,000 after buying an additional 159,873 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Nuvalent by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company’s stock worth $10,634,000 after buying an additional 12,123 shares during the period. Intech Investment Management LLC lifted its position in Nuvalent by 28.7% during the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company’s stock worth $1,366,000 after buying an additional 4,293 shares during the period. Finally, Prudential Financial Inc. purchased a new position in Nuvalent during the second quarter worth about $412,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.