Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.60 Average PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $112.60.

A number of equities analysts have issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Guggenheim raised their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets boosted their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th.

Insider Buying and Selling

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. This trade represents a 13.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the transaction, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,085,000 shares of company stock valued at $203,554,690. Company insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its stake in shares of Nuvalent by 108.3% in the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after acquiring an additional 1,745 shares during the last quarter. Bank of New York Mellon Corp increased its position in Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock worth $10,460,000 after purchasing an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Nuvalent by 62.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after purchasing an additional 1,686 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after buying an additional 7,420 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after buying an additional 1,127 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Down 2.1 %

Shares of NUVL opened at $80.30 on Friday. The firm has a market capitalization of $5.71 billion, a PE ratio of -23.14 and a beta of 1.31. The firm has a 50-day moving average price of $91.11 and a 200 day moving average price of $87.32. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) EPS. On average, equities analysts expect that Nuvalent will post -3.84 EPS for the current year.

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.