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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given a consensus rating of “Moderate Buy” by the thirteen analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $112.60.

A number of research firms recently commented on NUVL. BMO Capital Markets increased their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research note on Monday, September 16th.

Nuvalent Stock Up 0.5 %

Shares of NASDAQ:NUVL opened at $94.75 on Wednesday. The firm has a fifty day moving average of $96.67 and a two-hundred day moving average of $85.19. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51. The firm has a market capitalization of $6.73 billion, a P/E ratio of -27.31 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data 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 quarter in the previous year, the business earned ($0.59) earnings per share. Equities research analysts expect that Nuvalent will post -3.84 earnings per share for the current fiscal year.

Insider Activity

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was 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. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the sale, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,093,795 shares of company stock valued at $204,762,781. 12.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of Nuvalent during the 2nd quarter valued at about $44,000. Amalgamated Bank boosted its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. bought a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $205,000. Mirae Asset Global Investments Co. Ltd. raised its holdings 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 worth $213,000 after buying an additional 382 shares in the last quarter. Finally, Creative Planning bought a new position in shares of Nuvalent during the 3rd quarter worth approximately $232,000. 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.