Nuvalent, Inc. (NASDAQ:NUVL) Receives $113.44 Consensus PT from Brokerages

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $113.44.

Several equities research analysts have recently issued reports on the stock. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Friday, March 14th. Finally, HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. The trade was a 9.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Henry E. Pelish sold 2,483 shares of the stock in a transaction 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 sale, the insider now owns 59,981 shares in the company, valued at $4,779,286.08. The trade was a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,800 shares of company stock valued at $8,437,464. Insiders own 12.52% of the company's stock.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NUVL. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent in the 4th quarter worth about $27,000. Quarry LP purchased a new stake in Nuvalent in the 4th quarter worth about $39,000. US Bancorp DE bought a new stake in Nuvalent in the fourth quarter worth about $90,000. GF Fund Management CO. LTD. purchased a new position in shares of Nuvalent during the fourth quarter valued at approximately $108,000. Finally, KBC Group NV grew its stake in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Trading Down 3.8 %

Shares of NUVL traded down $2.58 during trading hours on Tuesday, reaching $65.74. 582,527 shares of the stock traded hands, compared to its average volume of 472,331. Nuvalent has a 52-week low of $61.80 and a 52-week high of $113.51. The company has a market cap of $4.71 billion, a P/E ratio of -18.95 and a beta of 1.43. The company's 50-day moving average price is $77.38 and its two-hundred day moving average price is $86.37.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). On average, 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.