Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

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

NUVL has been the subject of a number of research reports. UBS Group started coverage on shares of Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 target price for the company. BMO Capital Markets increased their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday. JPMorgan Chase & Co. boosted their target price on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Finally, HC Wainwright assumed coverage on shares of Nuvalent in a research report on Monday, December 30th. They issued a "buy" rating and a $110.00 price target on the stock.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 2,483 shares of the stock in a transaction on Monday, January 6th. The stock was 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. This trade represents a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of the business's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now directly owns 8,670,512 shares of the company's stock, 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. In the last ninety days, insiders have sold 2,066,800 shares of company stock worth $201,170,214. Insiders own 12.52% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NUVL. JPMorgan Chase & Co. grew its stake in Nuvalent by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,709 shares of the company's stock worth $3,551,000 after acquiring an additional 2,664 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Nuvalent by 29.5% in the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after purchasing an additional 70,157 shares during the period. Exome Asset Management LLC bought a new position in Nuvalent in the third quarter worth approximately $2,040,000. Virtu Financial LLC purchased a new position in Nuvalent during the 3rd quarter worth $759,000. Finally, Teachers Retirement System of The State of Kentucky raised its position in Nuvalent by 82.1% during 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 purchasing an additional 2,400 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $1.45 during trading hours on Thursday, hitting $75.99. The company's stock had a trading volume of 479,035 shares, compared to its average volume of 567,034. The company has a market cap of $5.40 billion, a PE ratio of -21.90 and a beta of 1.38. The business has a 50 day moving average price of $87.10 and a two-hundred day moving average price of $87.23. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly 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 in the prior year, the firm earned ($0.59) earnings per share. As a group, research analysts anticipate that Nuvalent will post -3.86 earnings per share 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.