Nuvalent, Inc. (NASDAQ:NUVL) Receives $113.78 Consensus Target Price from Brokerages

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $113.78.

Several equities research analysts recently commented on NUVL shares. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Wedbush boosted their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th.

Nuvalent Price Performance

Shares of NASDAQ NUVL opened at $103.59 on Tuesday. Nuvalent has a 1 year low of $49.02 and a 1 year high of $113.51. The company’s 50-day moving average is $89.09 and its 200 day moving average is $78.66. The stock has a market capitalization of $6.69 billion, a P/E ratio of -42.98 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the firm posted ($0.51) EPS. Research analysts anticipate that Nuvalent will post -3.52 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total transaction of $795,100.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,647,683. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Darlene Noci sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $77.22, for a total transaction of $386,100.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,571,426. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $79.51, for a total transaction of $795,100.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,647,683. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,629 shares of company stock worth $9,793,908 over the last quarter. Company insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVL. Commodore Capital LP increased its holdings in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares during the last quarter. Parkman Healthcare Partners LLC purchased a new stake in Nuvalent during the fourth quarter valued at approximately $4,406,000. Perceptive Advisors LLC increased 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 purchasing an additional 454,540 shares in the last quarter. Vanguard Group Inc. increased 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 purchasing an additional 1,205,668 shares in the last quarter. Finally, Renaissance Capital LLC purchased a new stake in shares of Nuvalent in the first quarter worth $1,301,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.