Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.36 Consensus Target Price from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $112.36.

Several research firms have commented on NUVL. BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. UBS Group started coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th.

Nuvalent Stock Up 3.9 %

Shares of NUVL stock opened at $81.32 on Thursday. Nuvalent has a twelve month low of $61.79 and a twelve month high of $113.51. The company has a market cap of $5.78 billion, a P/E ratio of -23.44 and a beta of 1.38. The business has a fifty day simple moving average of $85.55 and a 200 day simple moving average of $87.38.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the company posted ($0.59) earnings per share. As a group, equities research analysts anticipate that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,970,027. This trade represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $91.73, for a total value of $183,460.00. Following the completion of the transaction, the director now owns 224,522 shares in the company, valued at $20,595,403.06. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,800 shares of company stock valued at $7,721,944. Company insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Quest Partners LLC bought a new stake in Nuvalent during the second quarter worth $44,000. Amalgamated Bank lifted its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the period. KBC Group NV lifted its holdings in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after acquiring an additional 602 shares during the period. Portland Investment Counsel Inc. bought a new stake in Nuvalent during the third quarter worth $205,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the period. 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.