Nuvalent, Inc. (NASDAQ:NUVL) Receives Average Recommendation of "Buy" from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have been assigned a consensus recommendation of "Buy" from the twelve analysts that are currently covering the company, MarketBeat reports. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $119.60.

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

Insiders Place Their Bets

In other news, CFO Alexandra Balcom sold 20,000 shares of Nuvalent stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $80.02, for a total value of $1,600,400.00. Following the transaction, the chief financial officer directly owned 61,734 shares of the company's stock, valued at $4,939,954.68. The trade was a 24.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO James Richard Porter sold 27,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction 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 represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,645 shares of company stock worth $4,954,427 over the last three months. 10.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Crowley Wealth Management Inc. acquired a new position in Nuvalent during the 4th quarter worth approximately $27,000. CWM LLC lifted its position in shares of Nuvalent by 588.5% during the first 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 purchased a new position in shares of Nuvalent in the first quarter valued at $38,000. Quarry LP acquired a new stake in Nuvalent during the 4th quarter valued at $39,000. Finally, Covestor Ltd increased its stake in Nuvalent by 705.7% during the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after buying an additional 861 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Price Performance

Shares of NASDAQ NUVL traded down $1.14 on Thursday, hitting $80.93. The company's stock had a trading volume of 373,376 shares, compared to its average volume of 507,856. The stock has a 50 day moving average of $75.80 and a 200-day moving average of $75.89. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of -18.44 and a beta of 1.31. Nuvalent has a 12-month low of $55.54 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results 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 firm earned ($0.69) earnings per share. Sell-side analysts expect 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.