Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $137.86

Nuvalent, Inc. (NASDAQ:NUVL) has been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and fourteen have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $137.8571.

NUVL has been the subject of several research analyst reports. Leerink Partners upped their target price on Nuvalent from $140.00 to $149.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Robert W. Baird boosted their price target on shares of Nuvalent from $112.00 to $158.00 and gave the stock an “outperform” rating in a report on Tuesday, November 18th. UBS Group upped their price objective on shares of Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. The Goldman Sachs Group increased their price objective on shares of Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. Finally, Barclays set a $152.00 target price on shares of Nuvalent in a research report on Monday, November 17th.

Nuvalent Stock Down 2.6%

NUVL stock opened at $105.09 on Friday. Nuvalent has a 52-week low of $55.53 and a 52-week high of $112.88. The firm has a market cap of $7.64 billion, a P/E ratio of -19.75 and a beta of 1.31. The company’s 50-day simple moving average is $97.35 and its 200-day simple moving average is $85.02.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same quarter in the previous year, the firm posted ($1.28) earnings per share. On average, analysts anticipate that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 742,574 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $95.44, for a total transaction of $70,871,262.56. Following the completion of the transaction, the director owned 8,299,225 shares of the company’s stock, valued at $792,078,034. This represents a 8.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 729 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $104.26, for a total value of $76,005.54. Following the completion of the transaction, the chief financial officer owned 61,734 shares in the company, valued at approximately $6,436,386.84. This trade represents a 1.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,037,349 shares of company stock valued at $98,605,017 in the last 90 days. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Nuvalent by 1.8% in the third quarter. Vanguard Group Inc. now owns 4,605,007 shares of the company’s stock valued at $398,241,000 after buying an additional 80,883 shares during the last quarter. Wellington Management Group LLP grew its stake in Nuvalent by 46.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after acquiring an additional 724,491 shares in the last quarter. State Street Corp raised its holdings in Nuvalent by 4.2% in the 2nd quarter. State Street Corp now owns 1,490,279 shares of the company’s stock valued at $113,708,000 after acquiring an additional 59,620 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Nuvalent by 11.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company’s stock worth $102,878,000 after purchasing an additional 152,692 shares in the last quarter. Finally, Commodore Capital LP lifted its stake in Nuvalent by 1.8% in the 3rd quarter. Commodore Capital LP now owns 1,400,000 shares of the company’s stock worth $121,072,000 after purchasing an additional 25,000 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.