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

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

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

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, November 25th. The stock was sold at an average price of $96.22, for a total transaction of $192,440.00. Following the sale, the director now directly owns 222,522 shares of the company’s stock, valued at $21,411,066.84. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,800 shares of company stock worth $7,721,944. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently added to or reduced their stakes in NUVL. Quest Partners LLC bought a new stake in shares of Nuvalent in the 2nd quarter valued at about $44,000. Amalgamated Bank increased its stake in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares in the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent in the third quarter valued at approximately $205,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the period. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Nuvalent during the second quarter worth $218,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Price Performance

NUVL opened at $75.84 on Thursday. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The company has a market capitalization of $5.39 billion, a P/E ratio of -21.86 and a beta of 1.38. The firm’s fifty day moving average price is $85.98 and its two-hundred day moving average price is $87.39.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the company earned ($0.59) EPS. On average, equities research analysts expect that Nuvalent will post -3.86 EPS for the current fiscal year.

About Nuvalent

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.