Nuvalent (NASDAQ:NUVL) Now Covered by Jefferies Financial Group

Research analysts at Jefferies Financial Group initiated coverage on shares of Nuvalent (NASDAQ:NUVL) in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $97.00 price target on the stock. Jefferies Financial Group’s price target suggests a potential upside of 53.82% from the stock’s current price.

NUVL has been the subject of a number of other research reports. Robert W. Baird started coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research report on Tuesday, February 27th. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. BMO Capital Markets increased their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Finally, Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Nuvalent Trading Down 1.9 %

NASDAQ:NUVL opened at $63.06 on Wednesday. The stock has a 50 day simple moving average of $78.66 and a 200 day simple moving average of $70.56. The stock has a market cap of $4.04 billion, a P/E ratio of -29.19 and a beta of 1.29. Nuvalent has a 1-year low of $31.09 and a 1-year high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, sell-side analysts forecast that Nuvalent will post -2.93 EPS for the current year.

Insider Buying and Selling

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $73.60, for a total value of $220,800.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,450,880. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were 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 directly owns 33,300 shares in the company, valued at $2,581,083. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $73.60, for a total value of $220,800.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,450,880. The disclosure for this sale can be found here. Insiders sold a total of 1,075,000 shares of company stock worth $78,251,375 in the last ninety days. 14.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in shares of Nuvalent by 41.0% during the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after purchasing an additional 187 shares in the last quarter. KBC Group NV acquired a new stake in Nuvalent during the 4th quarter worth approximately $52,000. Compass Wealth Management LLC bought a new stake in Nuvalent during the 4th quarter worth approximately $63,000. Amundi acquired a new position in Nuvalent in the 4th quarter valued at approximately $34,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after acquiring an additional 654 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Company Profile

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.