Nuvalent (NASDAQ:NUVL) Shares Gap Down to $112.17

Nuvalent, Inc. (NASDAQ:NUVL)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $112.17, but opened at $104.98. Nuvalent shares last traded at $106.63, with a volume of 452,419 shares traded.

Analyst Ratings Changes

Several analysts have recently weighed in on NUVL shares. Wedbush lifted their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday. Finally, BMO Capital Markets lifted their price target on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Stock Down 2.0 %

The company has a market cap of $6.63 billion, a price-to-earnings ratio of -42.59 and a beta of 1.28. The company has a fifty day simple moving average of $80.68 and a two-hundred day simple moving average of $75.97.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the business earned ($0.51) EPS. On average, research analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the sale, the chief financial officer now owns 33,300 shares of the company’s stock, valued at approximately $2,511,819. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares of the company’s stock, valued at $2,511,819. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The disclosure for this sale can be found here. Insiders sold a total of 117,629 shares of company stock valued at $10,062,198 in the last ninety days. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Nuvalent by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the period. Perceptive Advisors LLC grew its holdings in Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after purchasing an additional 454,540 shares during the period. Darwin Global Management Ltd. increased its position in Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares during the last quarter. Commodore Capital LP increased its position in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its stake in Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Nuvalent Company Profile

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.