Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have earned a consensus rating of "Moderate Buy" from the thirteen brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given 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 objective among brokerages that have issued ratings on the stock in the last year is $112.60.
A number of brokerages have commented on NUVL. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They issued a "neutral" rating and a $100.00 price objective for the company. Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research report on Monday, September 16th. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 4th.
Read Our Latest Stock Analysis on NUVL
Insider Activity at Nuvalent
In related news, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares in the company, valued at $847,542,548. The trade was a 18.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. This represents a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,085,000 shares of company stock worth $203,592,630. Corporate insiders own 12.52% of the company's stock.
Hedge Funds Weigh In On Nuvalent
Institutional investors and hedge funds have recently modified their holdings of the company. Edgestream Partners L.P. acquired a new position in shares of Nuvalent during the 2nd quarter worth about $1,191,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Nuvalent in the 3rd quarter valued at $1,255,000. Citigroup Inc. grew its position in shares of Nuvalent by 14.9% in the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company's stock valued at $9,671,000 after buying an additional 12,256 shares during the last quarter. 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 worth $31,546,000 after acquiring an additional 70,157 shares in the last quarter. Finally, First Turn Management LLC lifted its position in Nuvalent by 42.3% in the third quarter. First Turn Management LLC now owns 359,114 shares of the company's stock valued at $36,737,000 after acquiring an additional 106,838 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.
Nuvalent Trading Down 0.5 %
NUVL stock traded down $0.42 during mid-day trading on Friday, reaching $84.22. The company's stock had a trading volume of 1,114,222 shares, compared to its average volume of 438,656. The company's 50 day moving average is $93.21 and its two-hundred day moving average is $87.07. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The stock has a market cap of $5.98 billion, a PE ratio of -24.27 and a beta of 1.31.
Nuvalent (NASDAQ:NUVL - Get Free Report) last issued 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 period last year, the business earned ($0.59) earnings per share. On average, analysts forecast that Nuvalent will post -3.84 earnings per share for the current fiscal year.
Nuvalent Company Profile
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Get Free ReportNuvalent, 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.
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