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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $112.60.

NUVL has been the subject of a number of research analyst reports. BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. UBS Group started coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. Finally, Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company.

Insider Activity at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,804,859. This trade represents a 23.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the sale, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,106,795 shares of company stock worth $205,834,791 in the last three months. Company insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. purchased a new position in Nuvalent in the 2nd quarter valued at about $1,191,000. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares during the last quarter. First Turn Management LLC increased its position in shares of Nuvalent by 42.3% during the third quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock worth $36,737,000 after purchasing an additional 106,838 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Finally, Samlyn Capital LLC acquired a new stake in Nuvalent during the 2nd quarter worth $17,397,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $96.30 on Wednesday. The company’s 50-day simple moving average is $97.47 and its 200-day simple moving average is $84.23. Nuvalent has a fifty-two week low of $61.01 and a fifty-two week high of $113.51. The stock has a market capitalization of $6.84 billion, a P/E ratio of -27.75 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the firm earned ($0.59) EPS. On average, research analysts forecast that Nuvalent will post -3.8 EPS for the current year.

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.