Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $113.78

Nuvalent, Inc. (NASDAQ:NUVL) has received a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $113.78.

Several brokerages have commented on NUVL. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Wedbush raised their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Guggenheim raised their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th.

Insider Buying and Selling

In related news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,290,374. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,290,374. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares in the company, valued at approximately $23,275,135.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,629 shares of company stock worth $9,793,908 in the last 90 days. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of Nuvalent by 9.2% in the first 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 during the period. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after acquiring an additional 198 shares during the period. Swiss National Bank increased its position in shares of Nuvalent by 0.8% in the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after acquiring an additional 400 shares during the period. Quest Partners LLC purchased a new position in shares of Nuvalent during the second quarter valued at about $44,000. Finally, ProShare Advisors LLC increased its position in shares of Nuvalent by 10.3% during the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock valued at $667,000 after buying an additional 830 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Trading Up 1.1 %

Nuvalent stock opened at $103.59 on Tuesday. The firm has a 50 day simple moving average of $89.09 and a 200 day simple moving average of $78.66. Nuvalent has a 1-year low of $49.02 and a 1-year high of $113.51. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -42.98 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the company earned ($0.51) EPS. On average, equities research analysts forecast that Nuvalent will post -3.52 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.