Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $113.44

Nuvalent, Inc. (NASDAQ:NUVL) has been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $113.44.

Several research firms have issued reports on NUVL. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Friday, March 14th.

Nuvalent Stock Down 3.0 %

Shares of NUVL stock opened at $68.32 on Tuesday. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of -19.69 and a beta of 1.42. Nuvalent has a 52-week low of $61.80 and a 52-week high of $113.51. The company’s 50 day moving average is $77.71 and its 200 day moving average is $86.82.

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

Insider Buying and Selling

In related news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $18,896,333.94. This trade represents a 9.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the sale, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,800 shares of company stock worth $8,437,464 in the last three months. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of NUVL. Boxer Capital Management LLC purchased a new stake in shares of Nuvalent in the 4th quarter valued at $87,689,000. Vestal Point Capital LP acquired a new position in Nuvalent during the fourth quarter valued at $46,968,000. Polar Capital Holdings Plc boosted its holdings in Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company’s stock valued at $74,109,000 after purchasing an additional 584,223 shares during the last quarter. Wellington Management Group LLP grew its position in Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after purchasing an additional 400,402 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Nuvalent by 142.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company’s stock valued at $53,230,000 after buying an additional 400,000 shares during the last quarter. Institutional investors and hedge funds 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.