Nuvalent, Inc. (NASDAQ:NUVL) Given Average Rating of “Moderate Buy” by Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, Marketbeat.com 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 given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $112.60.

NUVL has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. UBS Group initiated 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. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th.

Insider Buying and Selling

In other news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now directly owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,085,000 shares of company stock worth $203,554,690 over the last quarter. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently modified their holdings of NUVL. Amalgamated Bank lifted its position in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the last quarter. HighVista Strategies LLC raised its holdings in shares of Nuvalent by 1.1% during the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after buying an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Nuvalent during the second quarter worth approximately $44,000. Finally, Arizona State Retirement System grew its holdings in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after buying an additional 1,127 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Down 2.1 %

Shares of Nuvalent stock opened at $80.30 on Friday. The company has a fifty day simple moving average of $91.11 and a 200-day simple moving average of $87.32. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of -23.14 and a beta of 1.31. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results 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 quarter in the previous year, the business posted ($0.59) earnings per share. On average, analysts forecast that Nuvalent will post -3.84 earnings per share 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.