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

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have been given a consensus recommendation of "Buy" by the twelve analysts that are covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $119.60.

Several analysts have issued reports on NUVL shares. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Robert W. Baird boosted their target price on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Leerink Partners boosted their target price on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Finally, Wedbush restated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, June 24th.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the transaction, the chief executive officer directly owned 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alexandra Balcom sold 20,000 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 61,734 shares in the company, valued at $4,939,954.68. The trade was a 24.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,645 shares of company stock valued at $4,954,427 over the last three months. 10.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Several hedge funds have recently bought and sold shares of NUVL. Bank of New York Mellon Corp increased its position in Nuvalent by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 116,062 shares of the company's stock worth $9,085,000 after buying an additional 3,834 shares during the last quarter. US Bancorp DE bought a new stake in Nuvalent during the fourth quarter valued at about $90,000. Charles Schwab Investment Management Inc. boosted its holdings in Nuvalent by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 323,569 shares of the company's stock valued at $25,329,000 after acquiring an additional 7,742 shares during the period. M&T Bank Corp boosted its holdings in Nuvalent by 16.4% during the fourth quarter. M&T Bank Corp now owns 8,473 shares of the company's stock valued at $664,000 after acquiring an additional 1,192 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Nuvalent by 21.9% during the fourth quarter. Arizona State Retirement System now owns 10,379 shares of the company's stock valued at $812,000 after acquiring an additional 1,867 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Trading Down 1.4%

NASDAQ:NUVL traded down $1.14 during trading hours on Thursday, hitting $80.93. 373,376 shares of the stock traded hands, compared to its average volume of 508,861. The firm has a 50 day moving average price of $75.80 and a 200 day moving average price of $75.84. Nuvalent has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -18.44 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results 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 quarter in the prior year, the business earned ($0.69) EPS. Research analysts predict that Nuvalent will post -3.86 EPS for the current 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.