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

Nuvalent, Inc. (NASDAQ:NUVL) has received a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $81.50.

NUVL has been the topic of several research reports. Guggenheim assumed coverage on shares of Nuvalent in a research report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target on the stock. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. BMO Capital Markets boosted their price target on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Leerink Partnrs reiterated a “market perform” rating on shares of Nuvalent in a research note on Thursday, February 22nd. Finally, Wedbush reissued an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Nuvalent

Several large investors have recently bought and sold shares of the stock. Hudson Bay Capital Management LP boosted its position in shares of Nuvalent by 43.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after purchasing an additional 12,955 shares during the period. Rafferty Asset Management LLC grew its position in shares of Nuvalent by 18.9% during the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after acquiring an additional 15,197 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Nuvalent by 49.8% in the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after acquiring an additional 6,714 shares during the period. Invesco Ltd. raised its position in Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after purchasing an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Nuvalent by 196.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after purchasing an additional 131,296 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Down 2.0 %

NASDAQ:NUVL opened at $75.09 on Friday. Nuvalent has a 52 week low of $23.09 and a 52 week high of $89.39. The stock’s fifty day moving average is $81.12 and its two-hundred day moving average is $68.07. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of -34.76 and a beta of 1.36.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, sell-side analysts expect that Nuvalent will post -2.96 EPS for the current fiscal 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.