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

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has been given an average recommendation of "Moderate Buy" by the ten ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $115.50.

NUVL has been the topic of a number of recent research reports. HC Wainwright reiterated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research report on Monday, March 3rd. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research report on Friday, March 14th.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the completion of the transaction, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $18,896,333.94. This represents a 9.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now directly owns 216,522 shares of the company's stock, valued at approximately $16,981,820.46. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,000 shares of company stock worth $4,066,730. Corporate insiders own 12.52% of the company's stock.

Institutional Inflows and Outflows

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

Nuvalent Stock Performance

Shares of NUVL stock opened at $75.88 on Wednesday. Nuvalent has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of -21.87 and a beta of 1.42. The stock's 50-day simple moving average is $71.59 and its 200-day simple moving average is $79.53.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results 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 in the previous year, the firm posted ($0.69) earnings per share. As a group, equities analysts forecast that Nuvalent will post -3.86 earnings per share for the current 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.

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