Nuvalent, Inc. (NASDAQ:NUVL) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $112.60.

A number of equities research analysts have recently weighed in on NUVL shares. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Barclays initiated coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Finally, BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th.

Nuvalent Stock Down 0.5 %

Nuvalent stock opened at $84.22 on Friday. The stock has a 50-day simple moving average of $93.21 and a 200 day simple moving average of $87.07. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of -24.27 and a beta of 1.31. Nuvalent has a 12-month low of $61.79 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the business earned ($0.59) EPS. As a group, sell-side analysts anticipate that Nuvalent will post -3.84 EPS 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 Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 18.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,085,000 shares of company stock worth $203,592,630 in the last quarter. Corporate insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after acquiring an additional 786,257 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after purchasing an additional 400,402 shares during the last quarter. Samlyn Capital LLC bought a new stake in shares of Nuvalent in the second quarter worth $17,397,000. Logos Global Management LP bought a new stake in shares of Nuvalent in the second quarter worth $14,793,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after purchasing an additional 155,276 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

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.