Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Rating of "Moderate Buy" from Analysts

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the thirteen research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $112.60.

Several research analysts have issued reports on NUVL shares. Guggenheim raised their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a report on Monday, September 16th. Stifel Nicolaus lifted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th.

Insiders Place Their Bets

In related news, insider Darlene Noci sold 5,000 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $84.43, for a total value of $422,150.00. Following the transaction, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,811,519. The trade was a 13.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the business's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total transaction of $891,900.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,970,027. This trade represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,106,795 shares of company stock valued at $205,834,791 in the last three months. 12.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new position in shares of Nuvalent in the 3rd quarter worth about $759,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Nuvalent by 82.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company's stock worth $545,000 after buying an additional 2,400 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Nuvalent by 9.4% in the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company's stock worth $87,546,000 after buying an additional 73,429 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Nuvalent by 21.0% in the 3rd quarter. M&T Bank Corp now owns 7,281 shares of the company's stock worth $745,000 after buying an additional 1,263 shares during the last quarter. Finally, Barclays PLC raised its stake in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock valued at $6,968,000 after acquiring an additional 40,754 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

Nuvalent stock opened at $96.30 on Wednesday. Nuvalent has a 52-week low of $61.01 and a 52-week high of $113.51. The firm has a 50 day moving average price of $97.47 and a two-hundred day moving average price of $84.23. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of -27.75 and a beta of 1.33.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the company posted ($0.59) EPS. As a group, equities research analysts predict that Nuvalent will post -3.8 EPS for the current fiscal 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.