Nuvalent, Inc. (NASDAQ:NUVL) Receives Average Rating of "Buy" from Analysts

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.

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

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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