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

Key Points

• Nuvalent, Inc. has received a consensus recommendation of "Buy" from eleven analysts, with an average 12-month target price of $119.60.
• Insider selling was reported, with CFO Alexandra Balcom selling 20,000 shares, decreasing her ownership by 24.47%.
• Large investors have significantly increased their stakes in Nuvalent, with GAMMA Investing LLC growing its position by 5,549.7% during the first quarter.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has received a consensus recommendation of "Buy" from the eleven analysts that are covering the firm, MarketBeat.com reports. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $119.60.

Several brokerages recently weighed in on NUVL. Leerink Partners increased their price objective on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Robert W. Baird upped their price target on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. HC Wainwright reissued a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. The Goldman Sachs Group raised Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, July 21st.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the business's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the sale, the chief financial officer directly owned 61,734 shares in the company, valued at $4,939,954.68. This represents a 24.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Henry E. Pelish sold 8,630 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total transaction of $689,278.10. Following the completion of the transaction, the insider directly owned 63,101 shares of the company's stock, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,645 shares of company stock valued at $7,007,857 in the last three months. 10.20% of the stock is owned by corporate insiders.

Institutional Trading of Nuvalent

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in Nuvalent by 5,549.7% during the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock worth $709,000 after purchasing an additional 9,823 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Nuvalent by 23.4% in the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after buying an additional 3,965 shares during the period. First Trust Advisors LP boosted its stake in shares of Nuvalent by 3.9% in the 4th quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock valued at $3,487,000 after buying an additional 1,685 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Nuvalent by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after buying an additional 215,633 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Nuvalent by 5.1% during the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after buying an additional 2,572 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Nuvalent Trading Down 0.8%

Shares of NUVL opened at $77.76 on Monday. Nuvalent has a 12-month low of $55.53 and a 12-month high of $113.51. The firm has a market capitalization of $5.58 billion, a P/E ratio of -17.71 and a beta of 1.30. The firm has a 50-day moving average price of $78.69 and a 200 day moving average price of $76.23.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter last year, the firm earned ($0.69) EPS. Equities research analysts predict that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Nuvalent Company Profile

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.

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