Shares of Nuvalent, Inc. (NASDAQ:NUVL – Get Free Report) have received an average recommendation of “Buy” from the ten research firms that are currently covering the stock, Marketbeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $103.13.
A number of equities research analysts have commented on the stock. Stifel Nicolaus raised their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, Wedbush restated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research note on Thursday, August 8th.
View Our Latest Report on NUVL
Nuvalent Trading Down 0.5 %
Nuvalent (NASDAQ:NUVL – Get Free Report) 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 period in the prior year, the company posted ($0.51) EPS. As a group, analysts predict that Nuvalent will post -3.06 EPS for the current fiscal year.
Insider Activity
In related news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,515,482. The disclosure for this sale can be found here. Insiders have sold a total of 58,000 shares of company stock worth $4,465,650 over the last quarter. Insiders own 12.52% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Quest Partners LLC purchased a new position in Nuvalent during the second quarter worth $44,000. Amalgamated Bank boosted its stake 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 buying an additional 198 shares during the period. SG Americas Securities LLC purchased a new position in Nuvalent during the first quarter worth $121,000. Allspring Global Investments Holdings LLC boosted its stake in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nuvalent during the first quarter worth $202,000. 97.26% of the stock is owned by hedge funds and other institutional investors.
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.
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