Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Target Price at $113.10

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have received an average rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $113.10.

Several analysts recently commented on NUVL shares. HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. BMO Capital Markets boosted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, January 13th.

Nuvalent Trading Down 2.6 %

Shares of Nuvalent stock opened at $71.07 on Friday. Nuvalent has a 12 month low of $61.80 and a 12 month high of $113.51. The firm has a market capitalization of $5.05 billion, a P/E ratio of -20.48 and a beta of 1.42. The business has a fifty day simple moving average of $79.32 and a two-hundred day simple moving average of $88.39.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). Analysts predict that Nuvalent will post -3.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock worth $8,895,004 in the last three months. 12.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Crowley Wealth Management Inc. purchased a new stake in Nuvalent during the fourth quarter valued at $27,000. Quarry LP bought a new stake in shares of Nuvalent in the 4th quarter valued at approximately $39,000. US Bancorp DE purchased a new position in shares of Nuvalent in the 4th quarter worth approximately $90,000. GF Fund Management CO. LTD. bought a new position in shares of Nuvalent during the 4th quarter valued at approximately $108,000. Finally, KBC Group NV raised its holdings in Nuvalent by 61.1% during the 4th quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after buying an additional 602 shares during the period. 97.26% of the stock is currently owned by institutional investors.

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.