Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Rating of "Buy" from 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 been assigned an average rating of "Buy" from the eleven research firms that are presently covering the company, Marketbeat.com reports. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $119.60.

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

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at approximately $4,939,954.68. The trade was a 24.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $82.27, for a total value of $2,221,290.00. Following the sale, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $20,490,330.74. This represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,645 shares of company stock worth $7,007,857. Company insiders own 10.20% of the company's stock.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Paradigm Biocapital Advisors LP lifted its holdings in Nuvalent by 7.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after purchasing an additional 363,379 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Nuvalent by 11.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock worth $102,878,000 after acquiring an additional 152,692 shares during the period. Wellington Management Group LLP grew its holdings in Nuvalent by 12.3% in the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after purchasing an additional 157,809 shares during the period. Woodline Partners LP lifted its position in Nuvalent by 0.9% in the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after acquiring an additional 11,248 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new position in shares of Nuvalent during the 4th quarter valued at $87,689,000. 97.26% of the stock is owned by institutional investors.

Nuvalent Stock Down 6.6%

NUVL traded down $5.10 during trading on Monday, reaching $72.13. The company's stock had a trading volume of 330,316 shares, compared to its average volume of 543,711. The company has a market cap of $5.18 billion, a price-to-earnings ratio of -16.43 and a beta of 1.30. The firm has a fifty day simple moving average of $79.03 and a two-hundred day simple moving average of $76.27. Nuvalent has a 1 year low of $55.53 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the prior year, the business earned ($0.69) EPS. As a group, equities analysts forecast that Nuvalent will post -3.86 EPS 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.