Nuvalent, Inc. (NASDAQ:NUVL) Given Consensus Rating of "Moderate Buy" by Brokerages

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve analysts that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $113.78.

Several analysts recently issued reports on the company. Lifesci Capital upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, July 29th. Wedbush upped their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday, September 16th. Barclays assumed coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price objective for the company. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Finally, Stifel Nicolaus raised their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, September 16th.

Nuvalent Price Performance

Nuvalent stock traded down $0.97 during mid-day trading on Tuesday, hitting $102.40. 430,747 shares of the company's stock traded hands, compared to its average volume of 440,307. The firm has a 50 day simple moving average of $87.04 and a two-hundred day simple moving average of $77.94. Nuvalent has a fifty-two week low of $49.02 and a fifty-two week high of $113.51. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of -42.49 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the business posted ($0.51) EPS. On average, research analysts anticipate that Nuvalent will post -3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 10,000 shares of the business's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company's stock, valued at approximately $3,365,298. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Alexandra Balcom sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $3,365,298. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Emily Conley sold 5,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $80.72, for a total transaction of $403,600.00. Following the completion of the transaction, the director now directly owns 2,507 shares of the company's stock, valued at approximately $202,365.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 114,629 shares of company stock worth $10,274,868 over the last three months. Insiders own 12.52% of the company's stock.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVL. Renaissance Capital LLC bought a new position in Nuvalent in the first quarter valued at about $1,301,000. Parkman Healthcare Partners LLC acquired a new stake in Nuvalent during the 4th quarter worth approximately $4,406,000. Commodore Capital LP grew its holdings in Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company's stock worth $97,951,000 after acquiring an additional 502,259 shares during the last quarter. Edgestream Partners L.P. acquired a new position in Nuvalent in the 2nd quarter valued at approximately $1,191,000. Finally, Seven Eight Capital LP bought a new position in shares of Nuvalent during the first quarter valued at $1,172,000. Institutional investors own 97.26% of the company's stock.

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.