Nuvalent, Inc. (NASDAQ:NUVL) Receives $113.44 Average PT from Analysts

Nuvalent, Inc. (NASDAQ:NUVL) has received an average rating of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $113.44.

A number of brokerages recently issued reports on NUVL. HC Wainwright reiterated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Friday, March 14th. Finally, Wedbush reissued an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th.

Nuvalent Stock Performance

Shares of NUVL opened at $64.68 on Tuesday. The firm’s 50-day simple moving average is $77.02 and its two-hundred day simple moving average is $85.98. Nuvalent has a fifty-two week low of $59.82 and a fifty-two week high of $113.51. The stock has a market cap of $4.63 billion, a PE ratio of -18.64 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data 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). Equities research analysts predict that Nuvalent will post -3.86 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $18,926,221.38. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,000 shares of company stock worth $6,541,080. Insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NUVL. Y Intercept Hong Kong Ltd purchased a new stake in Nuvalent in the third quarter worth about $1,255,000. Lord Abbett & CO. LLC increased its holdings in Nuvalent by 29.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after acquiring an additional 70,157 shares in the last quarter. Barclays PLC raised its stake in Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. JPMorgan Chase & Co. lifted its holdings in Nuvalent by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company’s stock valued at $3,551,000 after purchasing an additional 2,664 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Nuvalent by 61.1% in the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock worth $124,000 after purchasing an additional 602 shares during the period. 97.26% of the stock is currently owned by 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.