Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) PT at $123.08

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and thirteen have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $122.4615.

A number of brokerages have recently weighed in on NUVL. Raymond James Financial began coverage on shares of Nuvalent in a report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price objective on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $120.00 price target on shares of Nuvalent in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research report on Wednesday, October 8th. Piper Sandler increased their price objective on Nuvalent from $112.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Finally, Guggenheim assumed coverage on Nuvalent in a research report on Thursday, September 4th. They set a “buy” rating and a $122.00 target price on the stock.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $96.50 on Wednesday. The business has a 50-day simple moving average of $88.03 and a 200-day simple moving average of $80.77. Nuvalent has a one year low of $55.53 and a one year high of $104.90. The company has a market cap of $7.02 billion, a PE ratio of -18.14 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last issued its 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 business earned ($1.28) EPS. On average, sell-side analysts predict that Nuvalent will post -3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the sale, the chief financial officer owned 61,734 shares of the company’s stock, valued at approximately $5,464,076.34. This trade represents a 24.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 32,455 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $100.27, for a total transaction of $3,254,262.85. Following the sale, the director owned 1,383,044 shares of the company’s stock, valued at $138,677,821.88. This represents a 2.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 246,071 shares of company stock valued at $22,589,016 over the last three months. 10.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently bought and sold shares of NUVL. US Bancorp DE grew its holdings in shares of Nuvalent by 10.0% during the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after purchasing an additional 188 shares during the last quarter. Kennedy Capital Management LLC boosted its position in shares of Nuvalent by 3.7% in the 2nd quarter. Kennedy Capital Management LLC now owns 5,504 shares of the company’s stock valued at $420,000 after purchasing an additional 196 shares during the period. Arizona State Retirement System boosted its position in shares of Nuvalent by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 11,778 shares of the company’s stock valued at $1,019,000 after purchasing an additional 220 shares during the period. Principal Financial Group Inc. grew its stake in Nuvalent by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,290 shares of the company’s stock worth $285,000 after buying an additional 234 shares during the last quarter. Finally, Profund Advisors LLC increased its position in Nuvalent by 2.7% during the third quarter. Profund Advisors LLC now owns 10,687 shares of the company’s stock worth $924,000 after buying an additional 279 shares during the period. Institutional investors and hedge funds 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.