Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.36 Consensus PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given a consensus rating of “Moderate Buy” by the fourteen research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $112.36.

Several analysts have recently commented on NUVL shares. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Friday, January 17th. UBS Group assumed coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Finally, BMO Capital Markets boosted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th.

Nuvalent Stock Down 2.0 %

NASDAQ:NUVL opened at $81.24 on Monday. The company has a market capitalization of $5.77 billion, a PE ratio of -23.41 and a beta of 1.38. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The stock’s 50 day moving average price is $83.00 and its 200 day moving average price is $87.98.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the firm posted ($0.59) earnings per share. As a group, sell-side analysts anticipate that Nuvalent will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This trade represents a 12.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the transaction, the director now directly owns 218,522 shares of the company’s stock, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,800 shares of company stock worth $6,812,164 over the last quarter. 12.52% of the stock is owned by corporate insiders.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of the company. Trexquant Investment LP bought a new stake in Nuvalent during the fourth quarter valued at $3,999,000. Headlands Technologies LLC bought a new position in shares of Nuvalent during the fourth quarter worth about $275,000. Geode Capital Management LLC increased its holdings in shares of Nuvalent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 871,488 shares of the company’s stock worth $68,236,000 after acquiring an additional 15,878 shares during the period. Diametric Capital LP bought a new stake in Nuvalent in the 4th quarter valued at about $212,000. Finally, Alliancebernstein L.P. lifted its position in Nuvalent by 1.3% in the 4th quarter. Alliancebernstein L.P. now owns 39,620 shares of the company’s stock valued at $3,101,000 after purchasing an additional 500 shares during the last quarter. 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.