Nuvalent’s (NUVL) “Buy” Rating Reiterated at HC Wainwright
by Sarita Garza · The Markets DailyHC Wainwright reissued their buy rating on shares of Nuvalent (NASDAQ:NUVL – Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. HC Wainwright currently has a $155.00 price target on the stock.
A number of other analysts also recently commented on the company. Wedbush reaffirmed an “outperform” rating and set a $125.00 price target on shares of Nuvalent in a research report on Wednesday, April 8th. Wells Fargo & Company assumed coverage on Nuvalent in a research report on Monday, March 30th. They set an “overweight” rating and a $116.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research report on Thursday, January 22nd. Finally, Cantor Fitzgerald increased their price target on Nuvalent from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. Sixteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $137.25.
Read Our Latest Report on NUVL
Nuvalent Stock Down 0.8%
NUVL stock opened at $108.02 on Tuesday. Nuvalent has a twelve month low of $63.56 and a twelve month high of $113.01. The stock’s 50 day moving average is $101.95 and its 200-day moving average is $101.32. The firm has a market capitalization of $8.49 billion, a PE ratio of -18.46 and a beta of 1.31.
Insider Activity at Nuvalent
In related news, CFO Alexandra Balcom sold 11,430 shares of the 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 completion of the sale, the chief financial officer directly owned 85,533 shares of the company’s stock, valued at approximately $8,998,926.93. This trade represents a 11.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $103.77, for a total value of $3,113,100.00. Following the completion of the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 44,523 shares of company stock valued at $4,638,807. 10.20% of the stock is owned by insiders.
Institutional Trading of Nuvalent
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Nuvalent by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after buying an additional 639,264 shares during the last quarter. Wellington Management Group LLP increased its position in Nuvalent by 7.0% in the fourth quarter. Wellington Management Group LLP now owns 2,461,823 shares of the company’s stock worth $247,635,000 after buying an additional 160,958 shares during the last quarter. JPMorgan Chase & Co. increased its position in Nuvalent by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock worth $221,826,000 after buying an additional 545,542 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Nuvalent by 18.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,146,938 shares of the company’s stock worth $215,962,000 after buying an additional 336,518 shares during the last quarter. Finally, RA Capital Management L.P. increased its position in Nuvalent by 50.8% in the fourth quarter. RA Capital Management L.P. now owns 1,880,057 shares of the company’s stock worth $189,115,000 after buying an additional 633,601 shares during the last quarter. 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.