Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) PT at $90.00

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned an average rating of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $90.78.

A number of equities analysts recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research note on Tuesday, February 27th. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. Leerink Partnrs raised shares of Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Robert W. Baird started coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of Nuvalent in a report on Wednesday. They issued a “buy” rating and a $97.00 target price on the stock.

Nuvalent Stock Down 1.9 %

Shares of Nuvalent stock opened at $63.06 on Tuesday. Nuvalent has a fifty-two week low of $31.09 and a fifty-two week high of $89.39. The firm has a market cap of $4.04 billion, a PE ratio of -29.19 and a beta of 1.29. The business’s fifty day moving average is $78.66 and its two-hundred day moving average is $70.56.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). Equities research analysts anticipate that Nuvalent will post -2.93 EPS for the current year.

Insider Buying and Selling

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $2,581,083. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the transaction, the director now directly owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred 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 transaction, the insider now owns 33,300 shares in the company, valued at $2,581,083. The disclosure for this sale can be found here. Insiders have sold a total of 1,075,000 shares of company stock valued at $78,251,375 over the last quarter. Corporate insiders own 14.77% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 56.5% during the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after buying an additional 1,205,668 shares during the period. Perceptive Advisors LLC boosted its stake in shares of Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares during the period. BlackRock Inc. boosted its stake in shares of Nuvalent by 9.2% during the 2nd quarter. BlackRock Inc. now owns 2,396,864 shares of the company’s stock valued at $101,076,000 after buying an additional 200,966 shares during the period. Finally, Commodore Capital LP boosted its stake in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares during the period. 97.26% of the stock is currently owned by hedge funds and other 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 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.