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

Key Points

• Nuvalent, Inc. has received a unanimous average rating of "Buy" from eleven research firms, with a projected 12-month price target of $119.50.
• Insider trading activity reveals that both the CFO and CEO sold significant shares recently, with the CFO decreasing their shareholding by 24.47% and the CEO by 9.78%.
• Institutional investors and hedge funds own 97.26% of Nuvalent's stock, with several firms, including Braidwell LP and T. Rowe Price, significantly boosting their stakes in the first quarter.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has received an average rating of "Buy" from the eleven research firms that are presently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $119.50.

A number of brokerages recently weighed in on NUVL. Raymond James Financial began coverage on shares of Nuvalent in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $105.00 price objective for the company. HC Wainwright restated a "buy" rating and issued a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird lifted their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, Piper Sandler initiated coverage on shares of Nuvalent in a report on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target for the company.

Insiders Place Their Bets

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $80.02, for a total transaction of $1,600,400.00. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at $4,939,954.68. The trade was a 24.47% decrease in their position. The transaction was disclosed in a legal filing 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, July 15th. The stock was sold at an average price of $82.27, for a total transaction of $2,221,290.00. Following the transaction, the chief executive officer owned 249,062 shares of the company's stock, valued at $20,490,330.74. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,670 shares of company stock worth $11,868,709 in the last 90 days. Corporate insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Braidwell LP grew its holdings in Nuvalent by 248.6% during the 1st quarter. Braidwell LP now owns 840,945 shares of the company's stock worth $59,640,000 after acquiring an additional 599,710 shares in the last quarter. Vestal Point Capital LP boosted its holdings in shares of Nuvalent by 79.2% in the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company's stock valued at $76,239,000 after buying an additional 475,000 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Nuvalent in the 1st quarter valued at $31,969,000. Norges Bank acquired a new position in shares of Nuvalent in the 2nd quarter valued at $28,582,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Nuvalent by 72.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company's stock valued at $36,955,000 after buying an additional 204,002 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Stock Performance

Shares of NUVL stock opened at $78.90 on Tuesday. The stock has a market capitalization of $5.69 billion, a P/E ratio of -16.10 and a beta of 1.29. The company has a 50 day moving average price of $78.42 and a 200 day moving average price of $75.51. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $108.50.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the previous year, the business posted ($0.88) EPS. On average, research 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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