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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given a consensus rating of “Moderate Buy” by the ten research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $90.78.

A number of research analysts recently issued reports on NUVL shares. Wedbush reiterated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Friday, May 17th. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their target price for the company from $69.00 to $110.00 in a research note on Monday, April 1st. Jefferies Financial Group started coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 target price on the stock. Finally, Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st.

Insider Activity

In other news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the sale, the director now directly owns 1,612,198 shares in the company, valued at approximately $110,338,831.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the sale, the director now directly owns 1,612,198 shares in the company, valued at approximately $110,338,831.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total transaction of $216,210.00. Following the sale, the insider now owns 33,300 shares in the company, valued at $2,399,931. The disclosure for this sale can be found here. In the last three months, insiders have sold 216,500 shares of company stock worth $14,652,285. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. raised its stake in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after acquiring an additional 1,379,266 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Nuvalent by 56.5% in the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after acquiring an additional 1,205,668 shares during the last quarter. Commodore Capital LP raised its stake in shares of Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Perceptive Advisors LLC raised its stake in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares during the last quarter. Finally, First Turn Management LLC bought a new position in shares of Nuvalent in the fourth quarter worth about $18,831,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Trading Down 1.3 %

Nuvalent stock opened at $72.05 on Friday. The company has a market capitalization of $4.65 billion, a P/E ratio of -29.90 and a beta of 1.28. The firm’s fifty day simple moving average is $72.58 and its 200-day simple moving average is $75.14. Nuvalent has a 1-year low of $38.78 and a 1-year high of $89.39.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). On average, equities research analysts predict that Nuvalent will post -3.06 earnings per share 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.