Nuvalent, Inc. (NASDAQ:NUVL) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) 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.

Nuvalent Trading Down 0.5 %

NUVL opened at $71.56 on Monday. The company has a market cap of $4.62 billion, a price-to-earnings ratio of -29.69 and a beta of 1.28. The company’s 50 day moving average is $76.53 and its 200 day moving average is $75.46. Nuvalent has a 12-month low of $39.86 and a 12-month high of $89.39.

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 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.