Nuvalent, Inc. (NASDAQ:NUVL) Receives $113.10 Consensus Price Target from Analysts

Nuvalent, Inc. (NASDAQ:NUVL) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $113.10.

Several brokerages have commented on NUVL. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $74.48 on Friday. The company has a market capitalization of $5.33 billion, a PE ratio of -21.46 and a beta of 1.42. The company’s fifty day moving average price is $78.72 and its 200 day moving average price is $87.97. Nuvalent has a 1 year low of $61.80 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, equities analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insider Activity

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the transaction, the director now owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the company’s 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. The trade was a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock worth $8,895,004 over the last three months. Insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Creative Planning purchased a new position in Nuvalent during the third quarter worth about $232,000. State of New Jersey Common Pension Fund D purchased a new position in shares of Nuvalent during the third quarter worth $2,412,000. Los Angeles Capital Management LLC purchased a new position in shares of Nuvalent during the third quarter worth $490,000. First Turn Management LLC raised its holdings in shares of Nuvalent by 42.3% in the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. Finally, Intech Investment Management LLC acquired a new position in Nuvalent during the 3rd quarter worth about $796,000. Institutional investors and hedge funds 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.