Nuvalent, Inc. (NASDAQ:NUVL) Receives $115.50 Consensus PT from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $115.50.

Several analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th.

Nuvalent Price Performance

NASDAQ:NUVL opened at $76.06 on Friday. Nuvalent has a 1 year low of $55.54 and a 1 year high of $113.51. The business has a fifty day simple moving average of $73.33 and a two-hundred day simple moving average of $77.15. The company has a market capitalization of $5.46 billion, a P/E ratio of -17.33 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the previous year, the firm posted ($0.69) EPS. As a group, analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the sale, the chief executive officer now directly owns 249,062 shares of the company’s stock, valued at approximately $17,170,334.28. The trade was a 9.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds have recently bought and sold shares of the business. Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company’s stock worth $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Vanguard Group Inc. raised its holdings in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company’s stock worth $352,249,000 after buying an additional 366,239 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Nuvalent by 11.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company’s stock worth $102,878,000 after buying an additional 152,692 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Nuvalent by 12.3% in the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company’s stock worth $102,294,000 after buying an additional 157,809 shares in the last quarter. Finally, Woodline Partners LP grew its holdings in shares of Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company’s stock valued at $94,322,000 after buying an additional 11,248 shares during the last quarter. 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.