Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $127.73

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus rating of “Hold” from the twenty brokerages that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $127.7289.

Several equities research analysts have recently issued reports on NUVL shares. Leerink Partners set a $165.00 price target on shares of Nuvalent in a research note on Wednesday, June 3rd. UBS Group downgraded Nuvalent from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $138.00 to $124.00 in a research note on Wednesday, June 10th. Barclays reissued an “equal weight” rating and set a $124.00 price objective (down from $152.00) on shares of Nuvalent in a report on Tuesday, June 9th. Wall Street Zen raised Nuvalent to a “sell” rating in a research report on Saturday, July 18th. Finally, Raymond James Financial lowered Nuvalent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 9th.

Nuvalent Price Performance

NUVL opened at $123.96 on Friday. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of -20.46 and a beta of 1.14. Nuvalent has a twelve month low of $71.13 and a twelve month high of $123.99. The company’s 50-day moving average price is $123.05 and its two-hundred day moving average price is $109.41.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 11,430 shares of Nuvalent stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $123.58, for a total value of $1,412,519.40. Following the completion of the sale, the chief financial officer owned 85,533 shares of the company’s stock, valued at approximately $10,570,168.14. This trade represents a 11.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the sale, the insider owned 59,634 shares in the company, valued at $6,430,930.56. This represents a 8.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 90,471 shares of company stock worth $9,762,529. Insiders own 5.02% of the company’s stock.

Institutional Trading of Nuvalent

A number of institutional investors have recently modified their holdings of the business. Allworth Financial LP purchased a new position in Nuvalent in the 2nd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its position in shares of Nuvalent by 141.3% during the first quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after acquiring an additional 195 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Nuvalent during the second quarter worth $58,000. GAMMA Investing LLC boosted its holdings in shares of Nuvalent by 36.9% in the second quarter. GAMMA Investing LLC now owns 523 shares of the company’s stock worth $65,000 after acquiring an additional 141 shares during the period. Finally, State of Wyoming bought a new position in shares of Nuvalent in the second quarter worth $107,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Company Profile

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.