Nuvalent, Inc. (NASDAQ:NUVL) Receives $115.50 Consensus Target Price from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $115.50.

NUVL has been the subject of a number of research reports. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Friday, March 14th. HC Wainwright reiterated a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $17,170,334.28. The trade was a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 10.20% of the company's stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently modified their holdings of the business. Crowley Wealth Management Inc. acquired a new stake in Nuvalent in the 4th quarter valued at approximately $27,000. CWM LLC raised its position in Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in Nuvalent in the 1st quarter valued at approximately $38,000. Quarry LP acquired a new stake in Nuvalent in the 4th quarter valued at approximately $39,000. Finally, Covestor Ltd raised its position in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Down 0.7%

NUVL stock traded down $0.53 during midday trading on Friday, reaching $75.53. The stock had a trading volume of 360,890 shares, compared to its average volume of 493,725. The business has a fifty day simple moving average of $73.55 and a two-hundred day simple moving average of $77.14. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of -17.21 and a beta of 1.34. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the previous year, the business posted ($0.69) earnings per share. On average, equities 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.