Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Target Price at $112.60

Nuvalent, Inc. (NASDAQ:NUVL) has received a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $112.60.

Several research firms have issued reports on NUVL. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 price objective on the stock. BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective for the company.

Insider Buying and Selling at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $3,365,298. This represents a 23.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darlene Noci sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $101.74, for a total value of $508,700.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. This represents a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,085,000 shares of company stock worth $203,554,690 over the last three months. 12.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC lifted its stake in Nuvalent by 108.3% in the second quarter. SG Americas Securities LLC now owns 3,356 shares of the company’s stock worth $255,000 after purchasing an additional 1,745 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after acquiring an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Nuvalent by 62.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after acquiring an additional 1,686 shares during the period. Rhumbline Advisers grew its position in Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock worth $3,536,000 after acquiring an additional 7,420 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after purchasing an additional 1,127 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $82.06 on Friday. The stock has a market capitalization of $5.83 billion, a P/E ratio of -23.65 and a beta of 1.31. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The stock’s 50-day simple moving average is $91.58 and its 200 day simple moving average is $87.26.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the prior year, the company earned ($0.59) EPS. Equities research analysts forecast that Nuvalent will post -3.84 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.