Nuvalent (NASDAQ:NUVL) Shares Down 5%

Nuvalent, Inc. (NASDAQ:NUVL) traded down 5% during mid-day trading on Monday . The stock traded as low as $102.40 and last traded at $102.57. 147,664 shares traded hands during trading, a decline of 66% from the average session volume of 433,472 shares. The stock had previously closed at $108.00.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NUVL. JPMorgan Chase & Co. upped their price target 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. Stifel Nicolaus lifted their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wedbush boosted their target price on Nuvalent from $99.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Finally, Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.00.

Nuvalent Stock Performance

The firm has a market cap of $6.59 billion, a PE ratio of -42.07 and a beta of 1.28. The stock has a fifty day moving average price of $82.34 and a 200-day moving average price of $76.42.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the firm posted ($0.51) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction that occurred 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 owns 33,300 shares in the company, valued at $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,515,482. The sale was disclosed in a legal filing 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 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 sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The disclosure for this sale can be found here. In the last three months, insiders sold 115,629 shares of company stock worth $9,901,758. 12.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC acquired a new position in shares of Nuvalent in the 2nd quarter worth approximately $224,000. Driehaus Capital Management LLC grew its holdings in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after acquiring an additional 23,730 shares in the last quarter. Affinity Asset Advisors LLC increased its position in Nuvalent by 33.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock worth $15,172,000 after purchasing an additional 50,000 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Nuvalent by 62.2% in the second quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock valued at $5,849,000 after acquiring an additional 29,571 shares during the last quarter. Finally, Fred Alger Management LLC boosted its holdings in Nuvalent by 6.2% in the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock worth $43,857,000 after purchasing an additional 33,758 shares in the last quarter. 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.