Nuvalent, Inc. (NASDAQ:NUVL) Receives Consensus Rating of “Moderate Buy” from Brokerages

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus rating of “Moderate Buy” from the fourteen brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $112.36.

NUVL has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Friday, January 17th. UBS Group initiated coverage on Nuvalent in a research report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th. Finally, BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th.

Nuvalent Price Performance

NASDAQ NUVL opened at $77.93 on Monday. The stock has a market capitalization of $5.54 billion, a PE ratio of -22.46 and a beta of 1.38. Nuvalent has a 1 year low of $61.79 and a 1 year high of $113.51. The business’s 50-day moving average is $82.41 and its 200 day moving average is $87.92.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the company earned ($0.59) earnings per share. As a group, equities research analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $96.22, for a total value of $192,440.00. Following the transaction, the director now directly owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. This represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the transaction, the insider now directly owns 59,981 shares in the company, valued at $4,779,286.08. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,800 shares of company stock valued at $6,812,164. 12.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new position in shares of Nuvalent during the 3rd quarter valued at $1,255,000. Lord Abbett & CO. LLC lifted its holdings in shares of Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. lifted its holdings in shares of Nuvalent by 14.9% during the 3rd quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after buying an additional 12,256 shares during the period. Barclays PLC lifted its holdings in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after buying an additional 40,754 shares during the period. Finally, First Turn Management LLC lifted its holdings in shares of Nuvalent by 42.3% during the 3rd quarter. First Turn Management LLC now owns 359,114 shares of the company’s stock valued at $36,737,000 after buying an additional 106,838 shares during the period. 97.26% of the stock is owned by 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.