Canaccord Genuity Group Initiates Coverage on Nuvalent (NASDAQ:NUVL)

Research analysts at Canaccord Genuity Group assumed coverage on shares of Nuvalent (NASDAQ:NUVL) in a report released on Wednesday,Benzinga reports. The firm set a “buy” rating and a $126.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 31.05% from the company’s current price.

NUVL has been the topic of a number of other research reports. Guggenheim started coverage on shares of Nuvalent in a report on Thursday, September 4th. They set a “buy” rating and a $122.00 price objective on the stock. UBS Group upped their target price on shares of Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Stifel Nicolaus initiated coverage on shares of Nuvalent in a research note on Thursday, October 16th. They set a “buy” rating and a $115.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, September 8th. Finally, Cantor Fitzgerald started coverage on Nuvalent in a report on Wednesday, October 15th. They set an “overweight” rating and a $135.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $123.29.

Nuvalent Price Performance

NUVL stock opened at $96.15 on Wednesday. The business has a fifty day moving average price of $87.07 and a 200 day moving average price of $80.41. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $104.90. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of -18.07 and a beta of 1.31.

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

Insider Buying and Selling

In related news, Director Matthew Shair sold 32,455 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were 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 owned 1,383,044 shares in the company, valued at $138,677,821.88. This represents a 2.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $90.63, for a total value of $2,447,010.00. Following the sale, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $22,572,489.06. This represents a 9.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 273,071 shares of company stock worth $24,625,356. Company insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

A number of institutional investors have recently modified their holdings of NUVL. CWM LLC boosted its position in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Nuvalent during the first quarter worth $38,000. Eastern Bank acquired a new position in Nuvalent during the third quarter worth $52,000. Covestor Ltd grew its position in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after purchasing an additional 861 shares in the last quarter. Finally, Persistent Asset Partners Ltd acquired a new stake in Nuvalent in the 2nd quarter valued at $88,000. 97.26% of the stock is currently owned by institutional investors.

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.