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

Nuvalent, Inc. (NASDAQ:NUVL) has received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $90.00.

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price 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. Wedbush reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. 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 target price for the company. Guggenheim assumed coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 target price for the company. Finally, SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $69.00 to $110.00 in a research note on Monday, April 1st.

Nuvalent Stock Down 0.4 %

Shares of NUVL stock opened at $65.28 on Tuesday. Nuvalent has a 12-month low of $28.67 and a 12-month high of $89.39. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -30.22 and a beta of 1.30. The firm has a fifty day moving average of $79.59 and a 200-day moving average of $70.53.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results 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). Research analysts expect that Nuvalent will post -2.93 earnings per share for the current year.

Insider Activity

In other news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now directly owns 1,687,198 shares of the company’s stock, valued at $129,526,190.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Darlene Noci sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 33,300 shares in the company, valued at $2,581,083. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,037,500 shares of company stock valued at $75,792,875. 14.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Nuvalent by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company’s stock valued at $6,147,000 after acquiring an additional 50,930 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Nuvalent by 57.8% in the first quarter. Bank of New York Mellon Corp now owns 45,656 shares of the company’s stock valued at $634,000 after buying an additional 16,726 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Nuvalent by 196.6% during the first quarter. MetLife Investment Management LLC now owns 12,959 shares of the company’s stock valued at $180,000 after purchasing an additional 8,590 shares during the period. Rhumbline Advisers acquired a new position in shares of Nuvalent during the first quarter valued at about $211,000. Finally, BlackRock Inc. increased its position in shares of Nuvalent by 30.2% during the first quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock worth $17,466,000 after acquiring an additional 291,821 shares in the last quarter. 97.26% of the stock is owned by institutional investors.

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.