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

Equities researchers at Jefferies Financial Group assumed 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 objective would indicate a potential upside of 50.74% from the stock’s current price.

Several other brokerages also recently issued reports on NUVL. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. Robert W. Baird started coverage on Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective for the company. Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research report on Tuesday, February 27th. Finally, Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Nuvalent Stock Down 0.6 %

Shares of NASDAQ NUVL traded down $0.40 during mid-day trading on Wednesday, hitting $64.35. 306,374 shares of the company traded hands, compared to its average volume of 428,168. Nuvalent has a 1 year low of $29.25 and a 1 year high of $89.39. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of -29.84 and a beta of 1.29. The business has a 50 day moving average of $79.30 and a two-hundred day moving average of $70.66.

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

Insider Activity

In other news, Director Matthew Shair sold 37,500 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $73.60, for a total value of $220,800.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,450,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the sale, the director now directly owns 1,687,198 shares in the company, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,037,500 shares of company stock valued at $75,792,875. Insiders own 14.77% of the company’s stock.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Nuvalent by 56.5% in the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after acquiring an additional 1,205,668 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in shares of Nuvalent in the 4th quarter worth approximately $15,953,000. Commodore Capital LP lifted its position in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the period. Perceptive Advisors LLC lifted its position 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 buying an additional 454,540 shares during the period. Finally, ArrowMark Colorado Holdings LLC bought a new position in shares of Nuvalent during the 4th quarter worth approximately $9,650,000. Institutional investors and hedge funds 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.