Nuvalent (NASDAQ:NUVL) Stock Rating Upgraded by The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Nuvalent (NASDAQ:NUVL) to a strong sell rating in a research note released on Monday, Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a research report on Monday, July 29th. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a buy rating in a research note on Monday. Wedbush upped their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an outperform rating in a research report on Monday. Guggenheim raised their price target on Nuvalent from $99.00 to $105.00 and gave the stock a buy rating in a research report on Monday. Finally, BMO Capital Markets lifted their price objective on Nuvalent from $102.00 to $132.00 and gave the stock an outperform rating in a research note on Monday. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $111.00.

Nuvalent Price Performance

NUVL stock opened at $104.75 on Monday. The stock has a market capitalization of $6.76 billion, a PE ratio of -43.46 and a beta of 1.28. The company has a 50 day moving average price of $80.68 and a 200 day moving average price of $75.97. Nuvalent has a fifty-two week low of $39.86 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the company posted ($0.51) earnings per share. As a group, equities analysts expect that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total value of $160,440.00. Following the completion of the transaction, the director now directly owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Darlene Noci sold 5,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The disclosure for this sale can be found here. Insiders have sold 84,834 shares of company stock worth $6,818,117 in the last 90 days. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the last quarter. Perceptive Advisors LLC grew its stake in shares of Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares in the last quarter. Darwin Global Management Ltd. raised its holdings in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares during the last quarter. Commodore Capital LP lifted its position in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in shares of Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.