Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have earned a consensus rating of "Buy" from the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $119.60.
Several equities analysts have recently weighed in on the company. HC Wainwright reiterated a "buy" rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. UBS Group raised shares of 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. Robert W. Baird boosted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Leerink Partners increased their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th.
Get Our Latest Analysis on Nuvalent
Insider Buying and Selling at Nuvalent
In other news, CFO Alexandra Balcom sold 20,000 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. This represents a 24.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 8,630 shares of the firm's stock in a transaction 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 $5,039,876.87. This represents a 12.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,000 shares of company stock worth $4,340,449 over the last ninety days. 10.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Crowley Wealth Management Inc. acquired a new stake in Nuvalent in the 4th quarter valued at about $27,000. CWM LLC raised its stake in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after buying an additional 359 shares during the period. Quarry LP acquired a new stake in shares of Nuvalent in the fourth quarter valued at approximately $39,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Nuvalent during the 1st quarter worth approximately $38,000. Finally, Covestor Ltd increased its holdings in shares of Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after acquiring an additional 861 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.
Nuvalent Stock Performance
NUVL opened at $81.50 on Thursday. The firm's fifty day moving average is $75.62 and its two-hundred day moving average is $75.91. The firm has a market cap of $5.85 billion, a PE ratio of -18.56 and a beta of 1.31. Nuvalent has a twelve month low of $55.54 and a twelve month high of $113.51.
Nuvalent (NASDAQ:NUVL - Get Free Report) last released 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 quarter last year, the company posted ($0.69) EPS. Equities analysts forecast that Nuvalent will post -3.86 EPS for the current fiscal year.
About Nuvalent
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Get Free ReportNuvalent, 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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