Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have received an average rating of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and thirteen have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $137.6923.

A number of research analysts have weighed in on the stock. Leerink Partners lifted their price objective on shares of Nuvalent from $140.00 to $149.00 and gave the company an “outperform” rating in a report on Monday. The Goldman Sachs Group increased their price target on Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday. Wedbush reissued an “outperform” rating and issued a $125.00 price objective (up from $120.00) on shares of Nuvalent in a report on Monday. Canaccord Genuity Group started coverage on Nuvalent in a research note on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research note on Wednesday, October 8th.

Nuvalent Stock Down 3.5%

Nuvalent stock opened at $104.24 on Wednesday. The business’s 50-day moving average price is $89.11 and its 200 day moving average price is $81.25. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of -19.59 and a beta of 1.31. Nuvalent has a 52 week low of $55.53 and a 52 week high of $112.53.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter in the prior year, the business earned ($1.28) earnings per share. Equities analysts expect that Nuvalent will post -3.86 EPS for the current year.

Insider Activity at Nuvalent

In related news, CFO Alexandra Balcom sold 1,683 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $85.57, for a total value of $144,014.31. Following the transaction, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at approximately $5,282,578.38. This trade represents a 2.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $90.63, for a total value of $2,447,010.00. Following the sale, the chief executive officer owned 249,062 shares of the company’s stock, valued at approximately $22,572,489.06. This trade represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 246,071 shares of company stock worth $22,589,016 in the last ninety days. 10.20% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

Institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC increased its holdings in shares of Nuvalent by 6.6% in the first quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock valued at $8,532,000 after purchasing an additional 7,414 shares during the last quarter. Voleon Capital Management LP acquired a new position in Nuvalent during the first quarter worth $1,489,000. Strs Ohio purchased a new stake in Nuvalent in the 1st quarter valued at $404,000. New York State Common Retirement Fund increased its stake in shares of Nuvalent by 23.4% in the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock worth $1,485,000 after acquiring an additional 3,965 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Nuvalent by 51.3% during the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company’s stock worth $20,003,000 after acquiring an additional 95,661 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.