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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given an average rating of “Moderate Buy” by the thirteen brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $113.10.

A number of equities research analysts have issued reports on NUVL shares. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. Finally, BMO Capital Markets increased their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th.

Nuvalent Stock Performance

NUVL stock opened at $70.25 on Friday. The company’s 50-day simple moving average is $78.95 and its 200 day simple moving average is $88.17. Nuvalent has a 52 week low of $61.80 and a 52 week high of $113.51. The company has a market capitalization of $5.03 billion, a PE ratio of -20.24 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares of the company’s stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,800 shares of company stock valued at $8,895,004. 12.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC raised its holdings in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after buying an additional 786,257 shares during the last quarter. Paradigm Biocapital Advisors LP raised 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 valued at $419,845,000 after buying an additional 363,379 shares during the last quarter. Vanguard Group Inc. raised its holdings in Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock valued at $352,249,000 after buying an additional 366,239 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Nuvalent by 19.9% in 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 buying an additional 215,633 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Nuvalent by 27.0% in the 4th quarter. Wellington Management Group LLP now owns 1,284,575 shares of the company’s stock valued at $100,557,000 after buying an additional 272,738 shares during the last quarter. Institutional investors 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.