Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Recommendation of "Buy" from Analysts

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has received a consensus recommendation of "Buy" from the twelve analysts that are presently covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $119.60.

NUVL has been the subject of several recent analyst 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 note on Friday, March 14th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. HC Wainwright reiterated a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Robert W. Baird increased their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, 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.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred 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 owned 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 2,170 shares of Nuvalent stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $79.92, for a total value of $173,426.40. Following the completion of the sale, the insider directly owned 63,101 shares in the company, valued at approximately $5,043,031.92. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,000 shares of company stock valued at $4,340,449. 10.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently made changes to their positions in the stock. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent during the 4th quarter worth approximately $27,000. CWM LLC raised its stake in shares of Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new stake in shares of Nuvalent during the 1st quarter worth approximately $38,000. Quarry LP bought a new stake in shares of Nuvalent during the 4th quarter worth approximately $39,000. Finally, Covestor Ltd raised its stake 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 acquiring an additional 861 shares during the period. Institutional investors own 97.26% of the company's stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded up $0.57 during trading hours on Thursday, reaching $82.07. The stock had a trading volume of 410,391 shares, compared to its average volume of 506,964. The business's fifty day moving average is $75.62 and its two-hundred day moving average is $75.91. The company has a market cap of $5.89 billion, a price-to-earnings ratio of -18.69 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the previous year, the business posted ($0.69) earnings per share. Sell-side analysts forecast 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.