Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.36 Average Price Target from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $112.36.

Several analysts have issued reports on the company. UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. lifted their target price on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research note on Friday. Finally, BMO Capital Markets boosted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th.

Nuvalent Stock Performance

Shares of NUVL opened at $75.84 on Thursday. The firm has a market capitalization of $5.39 billion, a PE ratio of -21.86 and a beta of 1.38. The stock has a 50 day simple moving average of $85.98 and a 200 day simple moving average of $87.39. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the company earned ($0.59) EPS. Equities research analysts predict that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the sale, the director now owns 224,522 shares of the company’s stock, valued at $20,595,403.06. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the transaction, the insider now owns 59,981 shares in the company, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,800 shares of company stock worth $7,721,944 in the last ninety days. Insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Edgestream Partners L.P. bought a new stake in Nuvalent in the 2nd quarter valued at $1,191,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Nuvalent in the third quarter valued at about $1,255,000. Lord Abbett & CO. LLC grew its stake in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after acquiring an additional 70,157 shares in the last quarter. Citigroup Inc. increased its position in Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after acquiring an additional 12,256 shares during the period. Finally, Barclays PLC raised its stake in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after purchasing an additional 40,754 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

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.