Nuvalent, Inc. (NASDAQ:NUVL) Given Average Recommendation of “Moderate Buy” by Brokerages

Nuvalent, Inc. (NASDAQ:NUVL) has been given a consensus recommendation of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $81.50.

NUVL has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. Guggenheim initiated coverage on Nuvalent in a report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective for the company. Robert W. Baird started coverage on Nuvalent in a research report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective on the stock. BMO Capital Markets lifted their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. Finally, Leerink Partnrs reaffirmed a “market perform” rating on shares of Nuvalent in a research note on Thursday, February 22nd.

Insider Activity at Nuvalent

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the transaction, the director now owns 1,687,198 shares in the company, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. 14.77% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvalent

Several hedge funds have recently modified their holdings of the company. Hudson Bay Capital Management LP lifted its position in Nuvalent by 43.2% during the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after acquiring an additional 12,955 shares during the last quarter. Rafferty Asset Management LLC increased its position in shares of Nuvalent by 18.9% during the third quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock worth $4,400,000 after purchasing an additional 15,197 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Nuvalent by 49.8% during the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after purchasing an additional 6,714 shares during the last quarter. Invesco Ltd. boosted its position in shares of Nuvalent by 51.2% in the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock worth $9,593,000 after purchasing an additional 70,673 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Nuvalent by 196.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock worth $9,101,000 after buying an additional 131,296 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $75.09 on Friday. The stock has a 50 day moving average price of $81.12 and a 200-day moving average price of $68.07. Nuvalent has a one year low of $23.09 and a one year high of $89.39. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -34.76 and a beta of 1.36.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Sell-side analysts predict that Nuvalent will post -2.96 earnings per share for the current fiscal year.

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.