Nuvalent, Inc. (NASDAQ:NUVL) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given a consensus rating of “Moderate Buy” by the ten ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $115.50.

NUVL has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. Wedbush reissued an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, March 14th.

Nuvalent Trading Up 1.2 %

Shares of NUVL stock opened at $76.75 on Friday. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of -22.12 and a beta of 1.43. The firm has a 50-day moving average price of $71.77 and a 200 day moving average price of $81.98.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data 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). As a group, research analysts predict that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now directly owns 216,522 shares in the company, valued at approximately $16,981,820.46. This represents a 0.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $17,170,334.28. This represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,000 shares of company stock worth $6,185,150. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of large investors have recently modified their holdings of NUVL. Paradigm Biocapital Advisors LP boosted its holdings in Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after acquiring an additional 363,379 shares during the period. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after purchasing an additional 366,239 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Nuvalent by 19.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company’s stock valued at $101,601,000 after purchasing an additional 215,633 shares in the last quarter. Wellington Management Group LLP increased its stake in Nuvalent by 27.0% during the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock worth $100,557,000 after buying an additional 272,738 shares during the period. Finally, Woodline Partners LP lifted its holdings in Nuvalent by 0.9% in the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company’s stock worth $94,322,000 after buying an additional 11,248 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.