Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) Target Price at $112.60

Nuvalent, Inc. (NASDAQ:NUVL) has received a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $112.60.

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Stifel Nicolaus raised their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $3,365,298. This represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares in the company, valued at $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,085,000 shares of company stock worth $203,554,690. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Quest Partners LLC bought a new stake in shares of Nuvalent during the 2nd quarter worth $44,000. Amalgamated Bank increased its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. Portland Investment Counsel Inc. bought a new stake in Nuvalent in the third quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $213,000 after acquiring an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Nuvalent during the 2nd quarter valued at approximately $218,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Price Performance

NASDAQ NUVL opened at $82.06 on Friday. The stock has a market capitalization of $5.83 billion, a P/E ratio of -23.65 and a beta of 1.31. The business has a 50 day simple moving average of $91.58 and a 200 day simple moving average of $87.26. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) EPS. Equities analysts expect that Nuvalent will post -3.84 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.