Nuvalent (NASDAQ:NUVL) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Nuvalent (NASDAQ:NUVL) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $97.00 target price on the stock.

A number of other equities research analysts have also recently commented on NUVL. Wedbush reiterated an outperform rating and set a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. SVB Leerink upgraded Nuvalent from a market perform rating to an outperform rating and boosted their price objective for the company from $69.00 to $110.00 in a research note on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $68.00 to $98.00 and gave the company an overweight rating in a research note on Wednesday, March 6th. BMO Capital Markets boosted their price objective on Nuvalent from $93.00 to $102.00 and gave the company an outperform rating in a research note on Wednesday, February 28th. Finally, Robert W. Baird assumed coverage on Nuvalent in a research note on Friday, February 23rd. They issued an outperform rating and a $105.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent currently has a consensus rating of Moderate Buy and a consensus price target of $90.78.

Nuvalent Stock Performance

Nuvalent stock opened at $64.25 on Wednesday. Nuvalent has a 52-week low of $29.25 and a 52-week high of $89.39. The stock’s 50 day moving average price is $79.01 and its two-hundred day moving average price is $70.62.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Analysts anticipate that Nuvalent will post -2.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Nuvalent news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Deborah Ann Miller sold 22,000 shares of Nuvalent stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $75.20, for a total value of $1,654,400.00. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,504,160. The disclosure for this sale can be found here. Insiders sold 1,075,000 shares of company stock valued at $78,251,375 in the last quarter. 14.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Capital LLC purchased a new position in shares of Nuvalent during the first quarter worth about $1,301,000. Vanguard Group Inc. grew its holdings in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after purchasing an additional 1,205,668 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Nuvalent by 172.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,629 shares of the company’s stock worth $16,089,000 after purchasing an additional 138,524 shares in the last quarter. American International Group Inc. grew its holdings in shares of Nuvalent by 10.4% during the fourth quarter. American International Group Inc. now owns 13,209 shares of the company’s stock worth $972,000 after purchasing an additional 1,240 shares in the last quarter. Finally, Perceptive Advisors LLC grew its holdings in shares of Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after purchasing an additional 454,540 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.