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

Nuvalent, Inc. (NASDAQ:NUVL) has earned an average rating of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $113.10.

A number of equities research analysts have recently issued reports on NUVL shares. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. Finally, BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $72.94 on Friday. The company’s 50-day moving average price is $79.50 and its two-hundred day moving average price is $88.29. The stock has a market capitalization of $5.18 billion, a PE ratio of -21.02 and a beta of 1.42. Nuvalent has a one year low of $61.80 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). On average, analysts anticipate that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $18,926,221.38. This represents a 9.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the sale, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,800 shares of company stock worth $8,895,004 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd bought a new position in Nuvalent in the 3rd quarter valued at approximately $1,255,000. Lord Abbett & CO. LLC lifted its stake in Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after purchasing an additional 70,157 shares during the last quarter. Citigroup Inc. lifted its stake in Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after purchasing an additional 12,256 shares during the last quarter. Barclays PLC lifted its stake in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after purchasing an additional 40,754 shares during the last quarter. Finally, First Turn Management LLC lifted its stake in Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after purchasing an additional 106,838 shares during the last quarter. Institutional investors 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.