Nuvalent (NASDAQ:NUVL) Stock Price Up 3.3%

Nuvalent, Inc. (NASDAQ:NUVL)’s share price traded up 3.3% on Friday . The company traded as high as $106.95 and last traded at $106.68. 72,122 shares traded hands during trading, a decline of 83% from the average session volume of 425,661 shares. The stock had previously closed at $103.25.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. raised their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday. One 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Nuvalent Price Performance

The firm has a market capitalization of $6.86 billion, a PE ratio of -45.07 and a beta of 1.28. The stock’s 50-day moving average price is $81.25 and its 200 day moving average price is $76.16.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the company earned ($0.51) earnings per share. Equities research analysts forecast that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Henry E. Pelish sold 32,795 shares of the business’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 value of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Insiders sold 117,629 shares of company stock worth $10,062,198 over the last three months. 12.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new position in shares of Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank boosted its position in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent during the 1st quarter valued at about $121,000. Allspring Global Investments Holdings LLC raised its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new stake in Nuvalent in the first quarter worth about $202,000. Hedge funds and other 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.