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

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the thirteen analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $112.40.

A number of analysts recently commented on NUVL shares. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. BMO Capital Markets upped their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the company an "outperform" rating in a research report on Monday, September 16th. Wedbush upped their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an "outperform" rating in a research report on Monday, September 16th. Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th.

Nuvalent Price Performance

Shares of Nuvalent stock traded up $0.73 on Friday, hitting $89.22. 755,736 shares of the company's stock traded hands, compared to its average volume of 422,672. The firm's 50-day moving average price is $95.89 and its two-hundred day moving average price is $81.37. The stock has a market capitalization of $5.78 billion, a PE ratio of -32.09 and a beta of 1.33. Nuvalent has a one year low of $54.37 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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 company posted ($0.51) EPS. On average, analysts forecast that Nuvalent will post -3.52 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Deborah Ann Miller sold 3,000 shares of the company's stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the sale, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,290,374. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the transaction, the director now directly owns 228,522 shares of the company's stock, valued at $19,300,968.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,290,374. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,115,629 shares of company stock valued at $206,494,948. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. AlphaCentric Advisors LLC bought a new position in shares of Nuvalent during the third quarter worth approximately $716,000. Harbor Capital Advisors Inc. boosted its position in shares of Nuvalent by 29.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,516 shares of the company's stock worth $2,201,000 after acquiring an additional 4,957 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Nuvalent by 64.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,417 shares of the company's stock worth $1,168,000 after acquiring an additional 4,472 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Nuvalent by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company's stock worth $213,000 after acquiring an additional 382 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of Nuvalent during the 3rd quarter worth approximately $232,000. 97.26% of the stock is owned by institutional investors.

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.