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

Nuvalent, Inc. (NASDAQ:NUVL) has been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $112.36.

A number of equities research analysts have weighed in on NUVL shares. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Monday. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. HC Wainwright started coverage on shares of Nuvalent in a report on Monday, December 30th. They issued a “buy” rating and a $110.00 target price on the stock. Finally, BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $77.44 on Thursday. The company has a market capitalization of $5.50 billion, a P/E ratio of -22.32 and a beta of 1.38. The business’s 50 day simple moving average is $87.44 and its 200 day simple moving average is $87.30. Nuvalent has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the company earned ($0.59) EPS. On average, sell-side analysts anticipate that Nuvalent will post -3.84 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 17,301 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $1,378,543.68. Following the transaction, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $19,845,260.16. This represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,970,027. This represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,066,800 shares of company stock worth $201,170,214. 12.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors have recently made changes to their positions in the stock. Edgestream Partners L.P. purchased a new stake in Nuvalent during the 2nd quarter valued at about $1,191,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Nuvalent during the third quarter worth about $1,255,000. Lord Abbett & CO. LLC increased its holdings in Nuvalent by 29.5% during 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 period. Citigroup Inc. raised its position in Nuvalent by 14.9% during 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. Finally, Barclays PLC lifted its holdings in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after buying an additional 40,754 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.