Nuvalent, Inc. (NASDAQ:NUVL) Receives $103.00 Average Price Target from Analysts

Shares of Nuvalent, Inc. (NASDAQ:NUVL) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $111.00.

NUVL has been the topic of several research analyst reports. Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday. BMO Capital Markets boosted their price target on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday. Wedbush increased their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday. JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday.

Insider Transactions at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $3,294,036. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Henry E. Pelish sold 10,500 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the completion of the transaction, the insider now directly owns 66,095 shares in the company, valued at approximately $5,623,362.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. The disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock worth $10,062,198 over the last 90 days. 12.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rhenman & Partners Asset Management AB increased its stake in shares of Nuvalent by 31.3% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares in the last quarter. Renaissance Capital LLC acquired a new stake in Nuvalent in the first quarter valued at approximately $1,301,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Nuvalent in the fourth quarter valued at approximately $4,406,000. Commodore Capital LP raised 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 worth $97,951,000 after buying an additional 502,259 shares during the period. Finally, Seven Eight Capital LP purchased a new position in shares of Nuvalent during the 1st quarter valued at approximately $1,172,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Performance

NASDAQ:NUVL opened at $103.25 on Friday. The company’s 50-day simple moving average is $81.25 and its 200-day simple moving average is $76.16. Nuvalent has a fifty-two week low of $41.16 and a fifty-two week high of $113.51. The stock has a market capitalization of $6.67 billion, a P/E ratio of -42.84 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the business posted ($0.51) EPS. On average, research analysts forecast that Nuvalent will post -3.55 EPS for the current 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.