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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $90.78.

A number of analysts have recently issued reports on NUVL shares. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price for the company. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Robert W. Baird assumed coverage on shares of Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective for the company. Guggenheim assumed coverage on shares of Nuvalent in a report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price for the company. Finally, Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st.

Insider Activity

In related news, Director Matthew Shair sold 37,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00. Following the completion of the transaction, the director now directly owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Deborah Ann Miller sold 22,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $75.20, for a total transaction of $1,654,400.00. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,504,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $65.56, for a total value of $2,458,500.00. Following the sale, the director now directly owns 1,574,698 shares of the company’s stock, valued at $103,237,200.88. The disclosure for this sale can be found here. Insiders have sold 1,075,000 shares of company stock worth $78,251,375 in the last quarter. Corporate insiders own 14.77% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP boosted its stake 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 buying an additional 12,955 shares during the period. Rafferty Asset Management LLC boosted its holdings in Nuvalent by 18.9% in the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after purchasing an additional 15,197 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Nuvalent by 49.8% in the third quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after purchasing an additional 6,714 shares in the last quarter. Invesco Ltd. boosted its holdings in Nuvalent by 51.2% in the third 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Nuvalent by 196.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after buying an additional 131,296 shares during the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Stock Up 2.8 %

NASDAQ NUVL opened at $64.49 on Tuesday. The company has a fifty day moving average of $77.89 and a two-hundred day moving average of $70.99. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of -29.86 and a beta of 1.29. Nuvalent has a 52 week low of $33.03 and a 52 week high of $89.39.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Equities research analysts anticipate that Nuvalent will post -2.89 EPS for the current year.

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.