Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) PT at $138.33

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and fifteen have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $138.3333.

Several equities research analysts have issued reports on NUVL shares. Canaccord Genuity Group initiated coverage on shares of Nuvalent in a research note on Wednesday, November 12th. They set a “buy” rating and a $126.00 price objective for the company. Leerink Partners upped their price target on shares of Nuvalent from $140.00 to $149.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Piper Sandler raised their price objective on Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Truist Financial set a $140.00 target price on Nuvalent in a research note on Monday, November 24th. Finally, The Goldman Sachs Group increased their price objective on shares of Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th.

Nuvalent Trading Down 3.4%

NUVL stock opened at $100.50 on Friday. The company has a market cap of $7.31 billion, a PE ratio of -18.89 and a beta of 1.32. The stock has a 50-day moving average price of $103.41 and a two-hundred day moving average price of $94.30. Nuvalent has a 12-month low of $55.53 and a 12-month high of $113.01.

Insider Buying and Selling

In other Nuvalent news, insider Henry E. Pelish sold 2,664 shares of Nuvalent stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $97.17, for a total transaction of $258,860.88. Following the sale, the insider directly owned 65,888 shares in the company, valued at $6,402,336.96. The trade was a 3.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Deborah Ann Miller sold 14,300 shares of the stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $110.16, for a total value of $1,575,288.00. Following the transaction, the insider owned 59,634 shares of the company’s stock, valued at approximately $6,569,281.44. This trade represents a 19.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 76,463 shares of company stock worth $7,722,489 over the last quarter. Company insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. RA Capital Management L.P. bought a new stake in shares of Nuvalent in the 3rd quarter worth about $107,794,000. Wellington Management Group LLP lifted its holdings in Nuvalent by 46.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after buying an additional 724,491 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Nuvalent by 13.9% in the 4th quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock worth $527,521,000 after acquiring an additional 639,264 shares in the last quarter. Norges Bank bought a new stake in shares of Nuvalent in the 4th quarter valued at approximately $57,763,000. Finally, JPMorgan Chase & Co. raised its position in shares of Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after acquiring an additional 545,542 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.