Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $112.40

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $112.40.

A number of equities research analysts recently issued reports on NUVL shares. UBS Group began coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Stifel Nicolaus increased their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. BMO Capital Markets boosted their price target on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Finally, Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th.

Nuvalent Stock Up 0.3 %

Nuvalent stock opened at $89.53 on Friday. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of -32.21 and a beta of 1.33. Nuvalent has a 52 week low of $55.25 and a 52 week high of $113.51. The business’s 50-day moving average price is $96.00 and its 200 day moving average price is $81.67.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the firm earned ($0.51) EPS. Equities analysts expect that Nuvalent will post -3.52 EPS for the current year.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the completion of the transaction, the director now directly owns 228,522 shares of the company’s stock, valued at approximately $19,300,968.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at $19,240,197.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $84.46, for a total value of $168,920.00. Following the transaction, the director now owns 228,522 shares of the company’s stock, valued at $19,300,968.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,125,629 shares of company stock worth $207,386,848. Company insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after acquiring an additional 72,222 shares during the last quarter. Darwin Global Management Ltd. raised its stake in Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Nuvalent by 3.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after purchasing an additional 23,730 shares during the last quarter. Fred Alger Management LLC grew its stake in shares of Nuvalent by 6.2% during the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after buying an additional 33,758 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after buying an additional 155,276 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.