Nuvalent, Inc. (NASDAQ:NUVL) Given Consensus Rating of “Moderate Buy” by Analysts

Nuvalent, Inc. (NASDAQ:NUVL) has been assigned an average rating of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $60.86.

A number of research firms recently issued reports on NUVL. BMO Capital Markets lifted their price objective on Nuvalent from $73.00 to $79.00 and gave the company an “outperform” rating in a research report on Thursday, October 19th. Leerink Partnrs reissued a “market perform” rating on shares of Nuvalent in a research report on Tuesday, August 8th. Guggenheim began coverage on Nuvalent in a research report on Monday, July 24th. They set a “buy” rating and a $56.00 price objective for the company. SVB Securities began coverage on Nuvalent in a research report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price target on Nuvalent from $51.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, October 5th.

Nuvalent Stock Performance

Shares of NUVL stock opened at $59.74 on Friday. Nuvalent has a 1 year low of $23.09 and a 1 year high of $65.50. The stock has a market cap of $3.41 billion, a PE ratio of -29.43 and a beta of 1.32. The business’s fifty day moving average is $52.50 and its 200-day moving average is $46.17.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, November 14th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.01). Equities research analysts predict that Nuvalent will post -2.16 earnings per share for the current year.

Insider Transactions at Nuvalent

In related news, insider Darlene Noci sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $52.66, for a total value of $157,980.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Nuvalent news, Director Matthew Shair sold 91,700 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $50.70, for a total value of $4,649,190.00. Following the completion of the sale, the director now directly owns 1,852,998 shares in the company, valued at $93,946,998.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Darlene Noci sold 3,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $52.66, for a total value of $157,980.00. The disclosure for this sale can be found here. Insiders sold a total of 110,695 shares of company stock worth $5,611,820 over the last 90 days. 14.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently modified their holdings of NUVL. Tower Research Capital LLC TRC increased its holdings in shares of Nuvalent by 41.0% in the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after acquiring an additional 187 shares in the last quarter. Amundi acquired a new position in shares of Nuvalent during the fourth quarter worth about $34,000. Metropolitan Life Insurance Co NY boosted its position in shares of Nuvalent by 22.8% during the second quarter. Metropolitan Life Insurance Co NY now owns 1,325 shares of the company’s stock worth $56,000 after buying an additional 246 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after buying an additional 654 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Nuvalent by 35.1% during the second quarter. Royal Bank of Canada now owns 1,533 shares of the company’s stock worth $65,000 after buying an additional 398 shares during the period. 97.26% of the stock is currently 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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase ½ 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 ongoing IND-enabling studies.