Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $113.10

Nuvalent, Inc. (NASDAQ:NUVL) has been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $113.10.

NUVL has been the subject of a number of recent analyst reports. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This trade represents a 12.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now directly owns 220,522 shares of the company’s stock, valued at approximately $18,475,333.16. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,800 shares of company stock valued at $8,895,004. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Large investors have recently bought and sold shares of the stock. Crowley Wealth Management Inc. bought a new position in Nuvalent during the 4th quarter valued at $27,000. Quarry LP bought a new position in Nuvalent during the 4th quarter valued at $39,000. US Bancorp DE bought a new position in Nuvalent during the 4th quarter valued at $90,000. GF Fund Management CO. LTD. bought a new position in Nuvalent during the 4th quarter valued at $108,000. Finally, KBC Group NV lifted its stake in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $70.25 on Friday. The company has a market capitalization of $5.03 billion, a PE ratio of -20.24 and a beta of 1.42. The company has a 50 day simple moving average of $78.95 and a two-hundred day simple moving average of $88.17. Nuvalent has a fifty-two week low of $61.80 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). Research analysts predict that Nuvalent will post -3.86 EPS for the current year.

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.