Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.60 Consensus Price Target from Analysts

Nuvalent, Inc. (NASDAQ:NUVL) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given 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 brokers that have covered the stock in the last year is $112.60.

A number of analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. UBS Group began coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. BMO Capital Markets upped their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Finally, Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction 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 12.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the sale, the director now owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,098,795 shares of company stock worth $205,184,931 in the last quarter. 12.52% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. acquired a new stake in shares of Nuvalent in the second quarter valued at approximately $1,191,000. Vanguard Group Inc. grew its holdings in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after buying an additional 72,222 shares in the last quarter. First Turn Management LLC increased its position 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 acquiring an additional 106,838 shares during the period. Dimensional Fund Advisors LP raised its stake in Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares in the last quarter. Finally, Samlyn Capital LLC bought a new stake in Nuvalent during the 2nd quarter valued at $17,397,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Price Performance

NUVL opened at $96.68 on Wednesday. Nuvalent has a 1-year low of $61.79 and a 1-year high of $113.51. The stock has a market cap of $6.87 billion, a P/E ratio of -27.86 and a beta of 1.33. The stock’s 50 day simple moving average is $97.06 and its 200 day simple moving average is $84.62.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data 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 period last year, the firm posted ($0.59) EPS. Research analysts expect that Nuvalent will post -3.84 EPS for the current fiscal year.

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.