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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $113.44.

NUVL has been the topic of several research analyst reports. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, March 14th. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd.

Nuvalent Stock Down 3.8 %

Shares of Nuvalent stock opened at $65.74 on Tuesday. Nuvalent has a 12-month low of $61.80 and a 12-month high of $113.51. The stock has a 50 day moving average price of $77.38 and a two-hundred day moving average price of $86.37. The stock has a market capitalization of $4.71 billion, a P/E ratio of -18.95 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). Sell-side analysts anticipate that Nuvalent will post -3.86 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $82.79, for a total transaction of $165,580.00. Following the completion of the sale, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $75.87, for a total value of $2,048,490.00. Following the transaction, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This trade represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,800 shares of company stock worth $8,437,464 in the last ninety days. Corporate insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Investment Advisors Inc. increased its position in shares of Nuvalent by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after acquiring an additional 167 shares in the last quarter. Parkman Healthcare Partners LLC raised its position in Nuvalent by 0.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock worth $1,846,000 after acquiring an additional 188 shares during the period. Commonwealth Equity Services LLC lifted its position in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after purchasing an additional 309 shares in the last quarter. HighVista Strategies LLC lifted its position in shares of Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after buying an additional 320 shares in the last quarter. Finally, Crowley Wealth Management Inc. bought a new position in shares of Nuvalent in the fourth quarter worth approximately $27,000. Institutional investors own 97.26% of the company’s stock.

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.