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

Nuvalent, Inc. (NASDAQ:NUVL) has received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $112.60.

A number of equities analysts have commented on NUVL shares. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. increased 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. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,804,859. The trade was a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction 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 completion of the sale, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,106,795 shares of company stock valued at $205,834,791. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC acquired a new stake in Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank raised its holdings in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new position in Nuvalent in the first quarter worth approximately $202,000. Portland Investment Counsel Inc. acquired a new position in Nuvalent during the 3rd quarter worth approximately $205,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Price Performance

NUVL stock opened at $96.30 on Wednesday. Nuvalent has a 1 year low of $61.01 and a 1 year high of $113.51. The firm has a market capitalization of $6.84 billion, a PE ratio of -27.75 and a beta of 1.33. The business has a 50 day simple moving average of $97.47 and a 200-day simple moving average of $84.23.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the business earned ($0.59) earnings per share. On average, equities research analysts expect that Nuvalent will post -3.8 EPS for the current year.

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.