Nuvalent (NASDAQ:NUVL) Raised to Strong-Buy at Sanford C. Bernstein

Nuvalent (NASDAQ:NUVL) was upgraded by equities research analysts at Sanford C. Bernstein to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Nuvalent in a research note on Wednesday, April 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvalent in a report on Tuesday, April 21st. Wells Fargo & Company initiated coverage on shares of Nuvalent in a report on Monday, March 30th. They issued an “overweight” rating and a $116.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $155.00 target price on shares of Nuvalent in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald raised their target price on shares of Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and a consensus target price of $140.29.

Nuvalent Price Performance

Shares of NUVL opened at $102.12 on Thursday. The firm’s 50 day moving average is $102.18 and its 200-day moving average is $102.76. The stock has a market capitalization of $8.07 billion, a P/E ratio of -16.85 and a beta of 1.15. Nuvalent has a 12-month low of $70.25 and a 12-month high of $113.01.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period in the prior year, the business earned ($1.18) EPS. As a group, equities research analysts forecast that Nuvalent will post -5.74 EPS for the current fiscal year.

Insider Activity

In related news, insider Deborah Ann Miller sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $99.22, for a total transaction of $545,710.00. Following the completion of the sale, the insider directly owned 59,634 shares in the company, valued at approximately $5,916,885.48. This trade represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at approximately $33,036,945.51. This represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 80,023 shares of company stock valued at $8,235,217. Corporate insiders own 5.02% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Nuvalent by 20.0% during the first quarter. Bank of America Corp DE now owns 216,516 shares of the company’s stock worth $22,182,000 after purchasing an additional 36,147 shares during the period. Tri Locum Partners LP boosted its holdings in shares of Nuvalent by 0.4% during the first quarter. Tri Locum Partners LP now owns 308,506 shares of the company’s stock worth $31,606,000 after purchasing an additional 1,135 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Nuvalent by 141.3% during the first quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after purchasing an additional 195 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Nuvalent by 29.7% during the first quarter. California State Teachers Retirement System now owns 49,670 shares of the company’s stock worth $5,089,000 after purchasing an additional 11,386 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Nuvalent by 1,537.9% during the first quarter. Royal Bank of Canada now owns 23,569 shares of the company’s stock worth $2,414,000 after purchasing an additional 22,130 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.