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

Key Points

• Nuvalent, Inc. has received a consensus recommendation of "Buy" from eleven covering research firms, with an average 12-month price target of $120.80.
• Following positive adjustments from analysts, HC Wainwright and Leerink Partners raised their price targets on Nuvalent shares to $130.00 and $140.00, respectively.
• Insider trading activity includes significant sell-offs, with one insider selling 5,500 shares and the CFO selling 14,700 shares, indicating a 19.23% decrease in their ownership.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) has been given an average recommendation of "Buy" by the eleven analysts that are covering the stock, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $120.80.

NUVL has been the topic of several research reports. Wedbush reiterated an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, July 21st. Leerink Partners raised their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Robert W. Baird raised their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th.

Nuvalent Price Performance

NASDAQ:NUVL traded up $0.56 during midday trading on Friday, hitting $76.58. The company's stock had a trading volume of 418,360 shares, compared to its average volume of 433,328. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $113.51. The firm's 50 day moving average is $78.54 and its 200-day moving average is $75.21. The firm has a market cap of $5.52 billion, a P/E ratio of -15.63 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the prior year, the business posted ($0.88) EPS. As a group, analysts forecast that Nuvalent will post -3.86 EPS for the current year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 14,700 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $85.10, for a total value of $1,250,970.00. Following the completion of the sale, the chief financial officer owned 61,734 shares of the company's stock, valued at approximately $5,253,563.40. The trade was a 19.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $75.42, for a total transaction of $2,036,340.00. Following the completion of the sale, the chief executive officer owned 249,062 shares in the company, valued at approximately $18,784,256.04. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,145 shares of company stock valued at $9,455,872 in the last 90 days. 10.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVL. CWM LLC increased its stake in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after buying an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in shares of Nuvalent during the first quarter valued at approximately $38,000. Quarry LP acquired a new position in shares of Nuvalent during the fourth quarter valued at approximately $39,000. Covestor Ltd raised its holdings in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after acquiring an additional 861 shares during the last quarter. Finally, Persistent Asset Partners Ltd purchased a new position in Nuvalent in the 2nd quarter valued at $88,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.