Nuvalent (NASDAQ:NUVL) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Nuvalent (NASDAQ:NUVL) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $155.00 price objective on the stock.

A number of other analysts also recently commented on NUVL. Cantor Fitzgerald upped their price objective on Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a report on Thursday, January 22nd. Wedbush restated an “outperform” rating and set a $125.00 price objective on shares of Nuvalent in a report on Wednesday, April 8th. Finally, Wells Fargo & Company began coverage on Nuvalent in a report on Monday, March 30th. They set an “overweight” rating and a $116.00 price objective for the company. Sixteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.25.

Nuvalent Stock Down 1.0%

NUVL stock opened at $107.13 on Tuesday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of -18.31 and a beta of 1.31. The business has a fifty day simple moving average of $101.71 and a 200-day simple moving average of $101.22. Nuvalent has a 52 week low of $63.56 and a 52 week high of $113.01.

Insider Buying and Selling

In other Nuvalent news, CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at $33,712,693.83. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Henry E. Pelish sold 3,093 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total transaction of $323,156.64. Following the completion of the transaction, the insider directly owned 65,604 shares of the company’s stock, valued at approximately $6,854,305.92. The trade was a 4.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,823 shares of company stock valued at $6,214,095 in the last 90 days. 10.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvalent

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

Nuvalent Company Profile

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.