Nuvalent’s (NUVL) Outperform Rating Reaffirmed at Wedbush

Nuvalent (NASDAQ:NUVL)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research report issued on Wednesday,Benzinga reports. They currently have a $125.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 22.25% from the company’s previous close.

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

Nuvalent Trading Down 1.4%

Shares of NUVL opened at $102.25 on Wednesday. Nuvalent has a twelve month low of $55.53 and a twelve month high of $113.01. The stock’s 50 day moving average is $101.30 and its two-hundred day moving average is $99.59. The firm has a market capitalization of $8.04 billion, a PE ratio of -17.48 and a beta of 1.31.

Insider Activity at Nuvalent

In other news, CFO Alexandra Balcom sold 11,430 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the sale, the chief financial officer owned 85,533 shares of the company’s stock, valued at $8,998,926.93. The trade was a 11.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 14,300 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $110.16, for a total value of $1,575,288.00. Following the sale, the insider directly owned 59,634 shares in the company, valued at $6,569,281.44. This trade represents a 19.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,430 shares of company stock worth $2,854,726 in the last three months. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of NUVL. RA Capital Management L.P. purchased a new stake in Nuvalent in the 3rd quarter valued at approximately $107,794,000. Wellington Management Group LLP lifted its stake in Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after buying an additional 724,491 shares in the last quarter. Vanguard Group Inc. lifted its stake in Nuvalent by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after buying an additional 639,264 shares in the last quarter. Norges Bank purchased a new stake in Nuvalent in the 4th quarter valued at approximately $57,763,000. Finally, JPMorgan Chase & Co. lifted its stake in Nuvalent by 32.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after buying an additional 545,542 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.