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

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has been given an average recommendation of "Moderate Buy" by the thirteen research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $113.10.

Several research analysts recently weighed in on NUVL shares. HC Wainwright reiterated a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. BMO Capital Markets raised their price target 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. Finally, Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the sale, the chief executive officer now owns 188,113 shares in the company, valued at $16,292,466.93. This represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,800 shares of company stock worth $8,895,004. 12.52% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On Nuvalent

Several large investors have recently bought and sold shares of NUVL. Summit Investment Advisors Inc. increased its stake in shares of Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock worth $288,000 after buying an additional 167 shares during the period. Parkman Healthcare Partners LLC increased its holdings in Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock valued at $1,846,000 after buying an additional 188 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after buying an additional 309 shares in the last quarter. HighVista Strategies LLC lifted its holdings in Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company's stock worth $2,969,000 after buying an additional 320 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in shares of Nuvalent in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

NASDAQ NUVL traded down $3.69 during trading hours on Friday, reaching $67.38. The stock had a trading volume of 922,733 shares, compared to its average volume of 457,598. Nuvalent has a 52-week low of $61.80 and a 52-week high of $113.51. The stock has a market cap of $4.79 billion, a P/E ratio of -19.42 and a beta of 1.42. The stock has a fifty day moving average of $79.32 and a 200 day moving average of $88.39.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). On average, equities research analysts forecast that Nuvalent will post -3.86 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.