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

Key Points

• Nuvalent, Inc. has received an average analyst rating of "Moderate Buy", with one sell, eleven buy, and one strong buy recommendation among thirteen analysts.
• Insider trading activity saw significant sales as Henry E. Pelish and CFO Alexandra Balcom sold over $3 million in shares, reducing their positions by 17.72% and 24.47% respectively.
• The company's stock has a current market capitalization of $6.67 billion and opened at $92.52, with a 52-week price range between $55.53 and $104.81.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has been given an average recommendation of "Moderate Buy" by the thirteen analysts that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eleven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $120.00.

A number of brokerages recently weighed in on NUVL. Guggenheim began coverage on shares of Nuvalent in a report on Thursday, September 4th. They issued a "buy" rating and a $122.00 price objective for the company. Piper Sandler began coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvalent in a report on Wednesday, October 8th. Finally, Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Monday, September 8th.

Insider Activity

In other Nuvalent news, insider Henry E. Pelish sold 14,205 shares of the business's stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $90.04, for a total transaction of $1,279,018.20. Following the completion of the transaction, the insider owned 65,963 shares in the company, valued at $5,939,308.52. The trade was a 17.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alexandra Balcom sold 20,000 shares of the business's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the transaction, the chief financial officer owned 61,734 shares of the company's stock, valued at $5,464,076.34. This trade represents a 24.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,771 shares of company stock worth $16,298,129. Insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voya Investment Management LLC grew its holdings in Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock worth $8,532,000 after acquiring an additional 7,414 shares in the last quarter. Voleon Capital Management LP acquired a new position in shares of Nuvalent in the 1st quarter valued at $1,489,000. Strs Ohio acquired a new position in shares of Nuvalent in the 1st quarter valued at $404,000. New York State Common Retirement Fund boosted its holdings in shares of Nuvalent by 23.4% in the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company's stock valued at $1,485,000 after buying an additional 3,965 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Nuvalent by 51.3% in the 1st quarter. American Century Companies Inc. now owns 282,046 shares of the company's stock valued at $20,003,000 after buying an additional 95,661 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 $92.52 on Friday. The stock has a market capitalization of $6.67 billion, a P/E ratio of -18.88 and a beta of 1.30. The company has a 50 day moving average price of $80.32 and a 200 day moving average price of $76.93. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $104.81.

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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