Nuvalent, Inc. (NASDAQ:NUVL) Receives $112.36 Consensus Target Price from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the fourteen research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $112.36.

A number of brokerages have issued reports on NUVL. Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, January 13th. BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. UBS Group initiated coverage on Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 target price on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $110.00 target price on shares of Nuvalent in a research report on Friday, January 17th.

Nuvalent Stock Performance

Shares of NUVL traded down $0.29 during midday trading on Monday, hitting $80.95. 310,151 shares of the stock were exchanged, compared to its average volume of 478,974. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The stock has a fifty day simple moving average of $82.74 and a 200 day simple moving average of $87.93. The firm has a market cap of $5.75 billion, a P/E ratio of -23.33 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the firm posted ($0.59) earnings per share. As a group, equities research analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 2,483 shares of Nuvalent stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the transaction, the insider now owns 59,981 shares in the company, valued at approximately $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the transaction, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 83,800 shares of company stock worth $6,812,164 over the last quarter. 12.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the stock. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the 4th quarter valued at $27,000. US Bancorp DE acquired a new stake in shares of Nuvalent in the 4th quarter valued at $90,000. KBC Group NV lifted its stake in shares of Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after purchasing an additional 602 shares during the last quarter. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the 3rd quarter valued at $205,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in 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 during the last quarter. 97.26% of the stock is currently owned by hedge funds and other 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.