Nuvalent, Inc. (NASDAQ:NUVL) Receives $115.50 Average PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) have earned an average rating of "Moderate Buy" from the ten ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $115.50.

A number of analysts have recently commented on NUVL shares. HC Wainwright reissued a "buy" rating and issued a $110.00 price objective on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, March 14th.

Nuvalent Stock Up 0.4%

Nuvalent stock traded up $0.26 during trading hours on Wednesday, hitting $73.49. 359,038 shares of the company traded hands, compared to its average volume of 490,425. The firm's 50-day simple moving average is $71.30 and its two-hundred day simple moving average is $78.89. The firm has a market cap of $5.26 billion, a P/E ratio of -21.18 and a beta of 1.42. Nuvalent has a 1-year low of $55.54 and a 1-year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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 business posted ($0.69) EPS. On average, equities research analysts predict that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.52% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. Boxer Capital Management LLC purchased a new position in shares of Nuvalent during the fourth quarter valued at $87,689,000. Vestal Point Capital LP purchased a new position in Nuvalent during the 4th quarter valued at about $46,968,000. Braidwell LP increased its holdings in shares of Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company's stock valued at $59,640,000 after purchasing an additional 599,710 shares during the period. Polar Capital Holdings Plc lifted its position in shares of Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock worth $74,109,000 after purchasing an additional 584,223 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of Nuvalent in the first quarter worth approximately $31,969,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.