Nuvalent (NASDAQ:NUVL) Upgraded by The Goldman Sachs Group to Strong Sell

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

NUVL has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on Nuvalent from $90.00 to $100.00 and gave the company an overweight rating in a research report on Wednesday, September 4th. Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a buy rating in a report on Monday. Lifesci Capital upgraded shares of Nuvalent to a strong-buy rating in a report on Monday, July 29th. Wedbush upped their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an outperform rating in a research report on Monday. Finally, BMO Capital Markets lifted their target price on Nuvalent from $102.00 to $132.00 and gave the stock an outperform rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $111.00.

Nuvalent Price Performance

Nuvalent stock opened at $104.75 on Monday. Nuvalent has a fifty-two week low of $39.86 and a fifty-two week high of $113.51. The firm has a fifty day moving average price of $80.68 and a two-hundred day moving average price of $75.97. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -43.46 and a beta of 1.28.

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

Insider Activity

In related news, insider Henry E. Pelish sold 10,500 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Nuvalent news, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the transaction, the insider now directly owns 66,095 shares in the company, valued at $5,623,362.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the sale, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,834 shares of company stock worth $6,818,117. Company insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. Rhenman & Partners Asset Management AB boosted its holdings in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after acquiring an additional 26,918 shares in the last quarter. Renaissance Capital LLC acquired a new position in Nuvalent in the first quarter worth $1,301,000. Parkman Healthcare Partners LLC bought a new stake in shares of Nuvalent during the fourth quarter worth $4,406,000. Commodore Capital LP grew its holdings in shares of Nuvalent by 60.6% during 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 during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in shares of Nuvalent in the first quarter valued at $1,172,000. 97.26% of the stock is owned by institutional investors.

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.