Brokerages Set Nuvalent, Inc. (NASDAQ:NUVL) Target Price at $90.00

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

NUVL has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Nuvalent in a research note on Wednesday. They issued a “buy” rating and a $97.00 price target on the stock. Guggenheim initiated coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target on the stock. BMO Capital Markets upped their price target on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. Finally, Robert W. Baird started coverage on Nuvalent in a research report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price for the company.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,075,000 shares of company stock valued at $78,251,375. 14.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its holdings in Nuvalent by 41.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after acquiring an additional 187 shares in the last quarter. KBC Group NV purchased a new stake in Nuvalent in the 4th quarter worth approximately $52,000. Compass Wealth Management LLC purchased a new stake in Nuvalent in the 4th quarter worth approximately $63,000. Amundi bought a new position in Nuvalent in the 4th quarter worth approximately $34,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after purchasing an additional 654 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

Nuvalent Trading Down 1.9 %

Shares of NUVL stock opened at $63.06 on Tuesday. The stock has a market cap of $4.04 billion, a PE ratio of -29.19 and a beta of 1.29. The company’s fifty day moving average price is $78.66 and its 200-day moving average price is $70.56. Nuvalent has a 12 month low of $31.09 and a 12 month high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, sell-side analysts forecast that Nuvalent will post -2.93 earnings per share for the current fiscal 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.