Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.60 Average Target Price from Brokerages

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

A number of analysts recently commented on NUVL shares. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. Guggenheim increased their price target 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 upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, Wedbush reiterated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th.

Nuvalent Stock Down 1.4 %

Shares of NUVL opened at $82.65 on Friday. The stock has a market capitalization of $5.87 billion, a P/E ratio of -23.82 and a beta of 1.31. Nuvalent has a twelve month low of $61.79 and a twelve month high of $113.51. The firm has a fifty day simple moving average of $92.82 and a two-hundred day simple moving average of $87.30.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the company earned ($0.59) earnings per share. Sell-side analysts expect that Nuvalent will post -3.84 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now owns 188,113 shares in the company, valued at $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Monday, September 30th. The stock was sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $3,365,298. The trade was a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,083,000 shares of company stock valued at $203,387,130 in the last quarter. 12.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently bought and sold shares of NUVL. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% in 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. HighVista Strategies LLC grew its position in Nuvalent by 1.1% in the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after purchasing an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in 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 purchasing an additional 382 shares during the period. Quest Partners LLC purchased a new stake in Nuvalent during the 2nd quarter valued at $44,000. Finally, Arizona State Retirement System lifted its holdings in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after buying an additional 1,127 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.