Analysts Set Nuvalent, Inc. (NASDAQ:NUVL) Price Target at $113.44

Nuvalent, Inc. (NASDAQ:NUVL) has earned an average rating of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $113.44.

A number of equities research analysts recently commented on NUVL shares. UBS Group raised shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Friday, March 14th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction that occurred 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 transaction, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This trade 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 business’s stock in a transaction on Monday, March 17th. The stock was 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 directly owns 249,062 shares in the company, valued at $18,896,333.94. This trade represents a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,800 shares of company stock valued at $8,437,464 over the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Summit Investment Advisors Inc. boosted its holdings in Nuvalent by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company’s stock valued at $288,000 after purchasing an additional 167 shares during the last quarter. Parkman Healthcare Partners LLC raised its position in shares of Nuvalent by 0.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company’s stock valued at $1,846,000 after buying an additional 188 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Nuvalent by 13.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company’s stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. HighVista Strategies LLC grew its position in Nuvalent by 1.1% in the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after acquiring an additional 320 shares during the period. Finally, Crowley Wealth Management Inc. acquired a new stake in Nuvalent during the fourth quarter worth $27,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Stock Down 3.8 %

NASDAQ NUVL opened at $65.74 on Tuesday. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of -18.95 and a beta of 1.43. Nuvalent has a 52 week low of $61.80 and a 52 week high of $113.51. The company has a fifty day moving average of $77.38 and a two-hundred day moving average of $86.37.

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