Nuvalent, Inc. (NASDAQ:NUVL) Receives $115.50 Consensus PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have received an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. One investment 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 twelve-month price target among brokers that have issued a report on the stock in the last year is $115.50.

Several analysts recently commented on NUVL shares. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Friday, March 14th. HC Wainwright reissued a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd.

Nuvalent Price Performance

Shares of Nuvalent stock opened at $75.53 on Friday. Nuvalent has a 1-year low of $55.54 and a 1-year high of $113.51. The business’s fifty day moving average price is $73.82 and its two-hundred day moving average price is $77.01. The company has a market capitalization of $5.42 billion, a P/E ratio of -17.21 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the company earned ($0.69) earnings per share. On average, research analysts expect that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in NUVL. Exchange Traded Concepts LLC boosted its stake in shares of Nuvalent by 10.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company’s stock valued at $117,000 after purchasing an additional 161 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock worth $288,000 after buying an additional 167 shares during the last quarter. Parkman Healthcare Partners LLC increased its holdings in shares of Nuvalent by 0.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock worth $1,846,000 after buying an additional 188 shares in the last quarter. GF Fund Management CO. LTD. increased its holdings in shares of Nuvalent by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company’s stock worth $119,000 after buying an additional 302 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.