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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $111.00.

Several equities analysts have commented on NUVL shares. BMO Capital Markets increased their price objective on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Stifel Nicolaus boosted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. raised their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday.

Nuvalent Trading Up 0.6 %

Shares of NUVL stock opened at $103.25 on Friday. The stock’s 50-day moving average price is $81.25 and its 200-day moving average price is $76.16. Nuvalent has a 12-month low of $41.16 and a 12-month high of $113.51. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of -42.84 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the firm earned ($0.51) earnings per share. As a group, research analysts predict that Nuvalent will post -3.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Henry E. Pelish sold 32,795 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Darlene Noci sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $2,515,482. The disclosure for this sale can be found here. Insiders have sold a total of 117,629 shares of company stock worth $10,062,198 over the last quarter. Company insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in NUVL. Rhenman & Partners Asset Management AB lifted its stake in Nuvalent by 31.3% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock worth $8,310,000 after acquiring an additional 26,918 shares during the period. Renaissance Capital LLC bought a new position in shares of Nuvalent during the first quarter valued at approximately $1,301,000. Parkman Healthcare Partners LLC purchased a new position in Nuvalent during the fourth quarter valued at approximately $4,406,000. Commodore Capital LP raised its stake in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in Nuvalent during the first quarter worth $1,172,000. Institutional investors own 97.26% of the company’s stock.

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.