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

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

NUVL has been the topic of several research analyst reports. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total value of $1,861,380.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at approximately $17,170,334.28. This trade represents a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 54,200 shares of company stock worth $3,925,834 in the last quarter. Corporate insiders own 10.20% 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 the business. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 3.9% in the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock worth $3,950,000 after acquiring an additional 1,896 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Nuvalent by 16.1% in the 4th quarter. Handelsbanken Fonder AB now owns 10,800 shares of the company's stock valued at $845,000 after purchasing an additional 1,500 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Nuvalent by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company's stock valued at $9,085,000 after buying an additional 3,834 shares in the last quarter. US Bancorp DE bought a new stake in shares of Nuvalent during the fourth quarter worth $90,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Nuvalent by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock worth $25,329,000 after buying an additional 7,742 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $78.24 on Friday. The business has a fifty day moving average of $72.76 and a 200-day moving average of $77.44. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51. The firm has a market cap of $5.62 billion, a PE ratio of -22.55 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data 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 period in the prior year, the business posted ($0.69) EPS. On average, analysts anticipate 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.

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