Nuvalent, Inc. (NASDAQ:NUVL) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $90.78.

Several research firms have recently commented on NUVL. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Jefferies Financial Group started coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target for the company. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their price target for the company from $69.00 to $110.00 in a report on Monday, April 1st. Wedbush reiterated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a report on Friday, May 17th. Finally, Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 232,522 shares in the company, valued at approximately $18,652,914.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Nuvalent news, Director Emily Conley sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $77.56, for a total transaction of $387,800.00. Following the sale, the director now directly owns 2,507 shares of the company’s stock, valued at approximately $194,442.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the sale, the director now directly owns 232,522 shares in the company, valued at $18,652,914.84. The disclosure for this sale can be found here. In the last three months, insiders sold 242,000 shares of company stock worth $16,625,585. 12.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Perceptive Advisors LLC boosted its position in shares of Nuvalent by 18.5% in the fourth 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 during the last quarter. Darwin Global Management Ltd. boosted its position 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 worth $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Commodore Capital LP boosted 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 acquiring an additional 502,259 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nuvalent by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after acquiring an additional 18,263 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

NUVL stock opened at $75.86 on Friday. Nuvalent has a one year low of $38.78 and a one year high of $89.39. The stock has a market capitalization of $4.90 billion, a PE ratio of -31.48 and a beta of 1.27. The company has a fifty day moving average of $72.03 and a 200-day moving average of $75.26.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). Equities analysts forecast that Nuvalent will post -3.06 earnings per share for the current fiscal year.

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.