Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) PT at $120.00

Nuvalent, Inc. (NASDAQ:NUVL) has earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $120.00.

Several research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a report on Wednesday, October 8th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a report on Monday, September 8th. Piper Sandler assumed coverage on shares of Nuvalent in a report on Tuesday, August 19th. They issued an “overweight” rating and a $112.00 price target on the stock. Guggenheim assumed coverage on shares of Nuvalent in a report on Thursday, September 4th. They issued a “buy” rating and a $122.00 price target on the stock. Finally, Raymond James Financial assumed coverage on shares of Nuvalent in a report on Tuesday, September 2nd. They issued an “outperform” rating and a $105.00 price target on the stock.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $90.63, for a total value of $2,447,010.00. Following the completion of the transaction, the chief executive officer directly owned 249,062 shares in the company, valued at approximately $22,572,489.06. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 14,205 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $90.04, for a total transaction of $1,279,018.20. Following the completion of the transaction, the insider owned 65,963 shares of the company’s stock, valued at $5,939,308.52. This trade represents a 17.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 196,771 shares of company stock valued at $16,772,679 over the last ninety days. 10.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its position in Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in Nuvalent in the first quarter worth $38,000. Covestor Ltd grew its position in Nuvalent by 705.7% in the first quarter. Covestor Ltd now owns 983 shares of the company’s stock worth $70,000 after acquiring an additional 861 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in Nuvalent in the second quarter worth $88,000. Finally, Farther Finance Advisors LLC boosted its position in Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after buying an additional 1,200 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Nuvalent Stock Performance

Nuvalent stock opened at $90.88 on Friday. The stock has a market cap of $6.55 billion, a P/E ratio of -18.55 and a beta of 1.30. Nuvalent has a fifty-two week low of $55.53 and a fifty-two week high of $99.94. The firm’s fifty day moving average price is $81.44 and its 200-day moving average price is $77.49.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the previous year, the company earned ($0.88) EPS. Sell-side analysts predict that Nuvalent will post -3.86 earnings per share for the current year.

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.