Nuvalent, Inc. (NASDAQ:NUVL) Receives $115.50 Average PT from Brokerages

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $115.50.

NUVL has been the topic of several analyst reports. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group upgraded shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th.

Nuvalent Stock Performance

NUVL traded up $1.16 on Friday, hitting $77.91. 30,971 shares of the company were exchanged, compared to its average volume of 544,217. The business's fifty day moving average is $71.77 and its 200 day moving average is $81.98. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $113.51. The firm has a market capitalization of $5.58 billion, a P/E ratio of -22.44 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares of the company's stock, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,000 shares of company stock valued at $6,185,150. Corporate insiders own 12.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVL. Boxer Capital Management LLC bought a new position in shares of Nuvalent in the fourth quarter worth $87,689,000. Vestal Point Capital LP acquired a new position in Nuvalent during the 4th quarter valued at about $46,968,000. Polar Capital Holdings Plc raised its position in shares of Nuvalent by 161.2% during the 4th quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after buying an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Nuvalent by 142.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock valued at $53,230,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.