Nuvalent (NASDAQ:NUVL) Hits New 52-Week High Following Analyst Upgrade

Posted by Defense World Staff on Oct 5th, 2023

Nuvalent, Inc. (NASDAQ:NUVL – Get Free Report)’s share price hit a new 52-week high on Wednesday after Wedbush raised their price target on the stock from $53.00 to $65.00. The company traded as high as $61.70 and last traded at $57.51, with a volume of 6246208 shares changing hands. The stock had previously closed at $42.42.

Other equities research analysts have also issued reports about the stock. Guggenheim initiated coverage on shares of Nuvalent in a report on Monday, July 24th. They set a “buy” rating and a $56.00 price objective for the company. Stifel Nicolaus restated a “buy” rating on shares of Nuvalent in a report on Wednesday. SVB Securities assumed coverage on Nuvalent in a research report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 target price on the stock. SVB Leerink assumed coverage on Nuvalent in a research report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 price objective on the stock. Finally, Leerink Partnrs restated a “market perform” rating on shares of Nuvalent in a report on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.33.

Get Our Latest Report on Nuvalent

Insider Buying and Selling at Nuvalent

In related news, insider Darlene Noci sold 4,559 shares of Nuvalent stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $45.04, for a total value of $205,337.36. Following the completion of the transaction, the insider now owns 14,513 shares in the company, valued at approximately $653,665.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Christopher Durant Turner sold 2,665 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $48.93, for a total value of $130,398.45. Following the completion of the sale, the insider now directly owns 14,513 shares of the company’s stock, valued at $710,121.09. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Darlene Noci sold 4,559 shares of Nuvalent stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $45.04, for a total value of $205,337.36. Following the completion of the sale, the insider now directly owns 14,513 shares in the company, valued at approximately $653,665.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,789 shares of company stock valued at $1,064,470. Corporate insiders own 14.77% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of NUVL. Vanguard Group Inc. boosted its position in shares of Nuvalent by 115.6% in the first quarter. Vanguard Group Inc. now owns 1,637,507 shares of the company’s stock worth $22,745,000 after acquiring an additional 877,835 shares during the last quarter. Fairmount Funds Management LLC boosted its holdings in shares of Nuvalent by 34.1% in the fourth quarter. Fairmount Funds Management LLC now owns 2,788,981 shares of the company’s stock worth $83,056,000 after buying an additional 709,118 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in shares of Nuvalent in the fourth quarter worth $15,953,000. Avoro Capital Advisors LLC boosted its stake in shares of Nuvalent by 48.2% during the 4th quarter. Avoro Capital Advisors LLC now owns 1,555,555 shares of the company’s stock worth $46,324,000 after acquiring an additional 506,084 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Nuvalent by 31.3% in the first quarter. Wellington Management Group LLP now owns 1,886,676 shares of the company’s stock worth $49,223,000 after acquiring an additional 450,287 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Price Performance

The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -31.09 and a beta of 1.35. The stock’s 50 day simple moving average is $45.15 and its two-hundred day simple moving average is $40.26.

Nuvalent (NASDAQ:NUVL – Get Free Report) last issued its earnings results on Thursday, August 10th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.04. As a group, analysts predict that Nuvalent, Inc. will post -2.15 earnings per share for the current year.

Nuvalent Company Profile

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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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase ½ 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 ongoing IND-enabling studies.