Nuvalent, Inc. (NASDAQ:NUVL) Receives $90.00 Consensus PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $90.78.

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Robert W. Baird assumed coverage on Nuvalent in a research report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price target for the company. Wedbush reaffirmed an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research report on Tuesday, February 27th. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Finally, BMO Capital Markets boosted their price objective on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th.

Nuvalent Stock Performance

NUVL opened at $64.49 on Tuesday. Nuvalent has a one year low of $33.03 and a one year high of $89.39. The stock’s fifty day moving average is $77.89 and its 200-day moving average is $70.99. The company has a market capitalization of $4.13 billion, a PE ratio of -29.86 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, equities research analysts forecast that Nuvalent will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Darlene Noci sold 20,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders have sold a total of 1,075,000 shares of company stock worth $78,251,375 in the last three months. Insiders own 14.77% of the company’s stock.

Institutional Trading of Nuvalent

Several hedge funds have recently added to or reduced their stakes in NUVL. Allspring Global Investments Holdings LLC grew its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares in the last quarter. Renaissance Capital LLC acquired a new stake in shares of Nuvalent in the first quarter valued at approximately $1,301,000. Vanguard Group Inc. increased its stake in Nuvalent by 56.5% in the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after acquiring an additional 1,205,668 shares during the last quarter. Perceptive Advisors LLC increased its stake in Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after acquiring an additional 454,540 shares during the last quarter. Finally, Parkman Healthcare Partners LLC bought a new stake in shares of Nuvalent during the fourth quarter worth $4,406,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.