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

Nuvalent, Inc. (NASDAQ:NUVL) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $112.60.

A number of analysts have recently weighed in on the company. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets boosted their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th.

Nuvalent Stock Up 0.5 %

NASDAQ:NUVL opened at $94.75 on Wednesday. The firm has a market cap of $6.73 billion, a PE ratio of -27.31 and a beta of 1.31. Nuvalent has a 12 month low of $61.79 and a 12 month high of $113.51. The company’s 50-day moving average price is $96.67 and its two-hundred day moving average price is $85.19.

Nuvalent (NASDAQ:NUVL) last announced 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 period last year, the business earned ($0.59) earnings per share. On average, research analysts expect that Nuvalent will post -3.84 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares of the company’s stock, valued at $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $96.22, for a total value of $192,440.00. Following the transaction, the director now owns 222,522 shares in the company, valued at $21,411,066.84. This trade represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,093,795 shares of company stock worth $204,762,781. 12.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently made changes to their positions in NUVL. FMR LLC boosted its stake in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after purchasing an additional 786,257 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after purchasing an additional 400,402 shares in the last quarter. Samlyn Capital LLC acquired a new position in shares of Nuvalent during the second quarter worth about $17,397,000. Logos Global Management LP acquired a new stake in Nuvalent in the 2nd quarter valued at approximately $14,793,000. Finally, Dimensional Fund Advisors LP raised its position in Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after buying an additional 155,276 shares during the last quarter. 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.