Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have received a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $112.60.

A number of equities research analysts have weighed in on NUVL shares. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Barclays assumed coverage on Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $96.68 on Wednesday. The stock has a 50 day moving average of $96.83 and a 200 day moving average of $84.95. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of -27.86 and a beta of 1.33. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

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

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction 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 $3,365,298. The trade was a 23.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. The trade was a 12.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,098,795 shares of company stock worth $205,184,931. 12.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in Nuvalent during the third quarter worth approximately $759,000. Teachers Retirement System of The State of Kentucky raised its stake in Nuvalent by 82.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock worth $545,000 after acquiring an additional 2,400 shares in the last quarter. Geode Capital Management LLC raised its stake in Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock worth $87,546,000 after acquiring an additional 73,429 shares in the last quarter. M&T Bank Corp lifted its position in Nuvalent by 21.0% in the third quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock valued at $745,000 after acquiring an additional 1,263 shares during the last quarter. Finally, Barclays PLC boosted its stake in Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after acquiring an additional 40,754 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.