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

Nuvalent, Inc. (NASDAQ:NUVL) has been assigned an average rating of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $113.78.

A number of research firms have recently weighed in on NUVL. Guggenheim increased their price target on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. BMO Capital Markets raised their price objective on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $103.37 on Tuesday. Nuvalent has a one year low of $49.02 and a one year high of $113.51. The business’s 50-day moving average price is $86.56 and its two-hundred day moving average price is $77.78. The company has a market capitalization of $6.67 billion, a P/E ratio of -42.89 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business earned ($0.51) earnings per share. On average, equities analysts anticipate that Nuvalent will post -3.55 EPS for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Deborah Ann Miller sold 6,000 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $80.16, for a total value of $480,960.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,669,328. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Deborah Ann Miller sold 6,000 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $80.16, for a total transaction of $480,960.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,669,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.22, for a total transaction of $386,100.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at $2,571,426. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,629 shares of company stock worth $10,274,868. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quest Partners LLC purchased a new position in Nuvalent during the second quarter valued at $44,000. Amalgamated Bank boosted its position in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Nuvalent in the 1st quarter valued at $121,000. Allspring Global Investments Holdings LLC raised its position in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new stake in Nuvalent during the first quarter valued at about $202,000. 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.