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

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has earned a consensus rating of "Moderate Buy" from the thirteen brokerages that are currently covering the company, Marketbeat.com reports. One 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 given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $112.60.

A number of research analysts recently commented on the company. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target for the company. JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Wedbush restated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares in the company, valued at $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,085,000 shares of company stock valued at $203,592,630 in the last quarter. Insiders own 12.52% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lord Abbett & CO. LLC raised its stake in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after acquiring an additional 70,157 shares in the last quarter. Exome Asset Management LLC acquired a new stake in Nuvalent in the third quarter worth about $2,040,000. Virtu Financial LLC acquired a new stake in Nuvalent in the third quarter worth about $759,000. Teachers Retirement System of The State of Kentucky grew its position in 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 valued at $545,000 after buying an additional 2,400 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company's stock valued at $87,546,000 after buying an additional 73,429 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Stock Performance

Nuvalent stock traded down $0.42 during trading on Friday, reaching $84.22. 1,114,222 shares of the company's stock were exchanged, compared to its average volume of 438,656. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -24.27 and a beta of 1.31. The company's 50-day moving average is $93.21 and its two-hundred day moving average is $87.19.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same period last year, the business earned ($0.59) EPS. Analysts anticipate 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.