Nuvalent, Inc. (NASDAQ:NUVL) Receives $113.78 Consensus Target Price from Brokerages

Nuvalent, Inc. (NASDAQ:NUVL) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $113.78.

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Barclays started 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. Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets increased their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th.

Nuvalent Price Performance

NUVL stock opened at $102.43 on Tuesday. The firm has a 50 day simple moving average of $88.48 and a two-hundred day simple moving average of $78.45. The stock has a market cap of $6.61 billion, a PE ratio of -42.50 and a beta of 1.29. Nuvalent has a one year low of $49.02 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the company earned ($0.51) earnings per share. On average, research analysts expect that Nuvalent will post -3.55 EPS for the current fiscal year.

Insider Activity

In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total value of $795,100.00. Following the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,647,683. This trade represents a 0.00 % 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 link. In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total value of $795,100.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $2,647,683. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Emily Conley sold 5,000 shares of Nuvalent stock in a transaction on Monday, July 15th. The shares were sold at an average price of $80.72, for a total transaction of $403,600.00. Following the completion of the sale, the director now owns 2,507 shares in the company, valued at approximately $202,365.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,629 shares of company stock valued at $9,793,908. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the stock. Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter valued at approximately $44,000. Amalgamated Bank increased its stake in shares of 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. SG Americas Securities LLC bought a new position in Nuvalent during the 1st quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC grew its stake in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in shares of Nuvalent during the first quarter valued at $202,000. 97.26% of the stock is owned by institutional investors.

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.