Nuvalent, Inc. (NASDAQ:NUVL) Receives $90.78 Consensus Target Price from Brokerages

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $90.78.

Several research analysts have recently commented on NUVL shares. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research report on Friday, May 17th. Jefferies Financial Group began coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the company from $69.00 to $110.00 in a research report on Monday, April 1st. Finally, Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st.

Nuvalent Trading Down 3.3 %

NUVL opened at $73.00 on Friday. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of -30.29 and a beta of 1.28. Nuvalent has a 12 month low of $38.78 and a 12 month high of $89.39. The stock has a fifty day moving average price of $72.36 and a 200-day moving average price of $75.19.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). On average, equities research analysts forecast that Nuvalent will post -3.06 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the sale, the director now owns 1,612,198 shares in the company, valued at approximately $110,338,831.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $68.44, for a total value of $2,566,500.00. Following the sale, the director now owns 1,612,198 shares in the company, valued at $110,338,831.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,511,819. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 219,500 shares of company stock worth $14,873,085. 12.52% of the stock is currently owned by insiders.

Institutional Trading of Nuvalent

A number of hedge funds have recently modified their holdings of NUVL. Deutsche Bank AG boosted its stake in shares of Nuvalent by 19.0% in the third quarter. Deutsche Bank AG now owns 14,063 shares of the company’s stock worth $646,000 after buying an additional 2,249 shares during the last quarter. Invesco Ltd. boosted its position in Nuvalent by 51.2% during the third quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after purchasing an additional 70,673 shares in the last quarter. Fred Alger Management LLC boosted its position in Nuvalent by 670.8% during the third quarter. Fred Alger Management LLC now owns 80,037 shares of the company’s stock worth $3,679,000 after purchasing an additional 69,654 shares in the last quarter. Affinity Asset Advisors LLC purchased a new position in Nuvalent during the third quarter worth approximately $2,298,000. Finally, Walleye Capital LLC purchased a new position in Nuvalent during the third quarter worth approximately $1,562,000. Hedge funds and other 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.