Nuvalent (NASDAQ:NUVL) Shares Down 2.4% – What’s Next?

Shares of Nuvalent, Inc. (NASDAQ:NUVL) were down 2.4% during mid-day trading on Tuesday . The company traded as low as $81.11 and last traded at $81.82. Approximately 59,365 shares were traded during trading, a decline of 86% from the average daily volume of 437,050 shares. The stock had previously closed at $83.85.

Analysts Set New Price Targets

A number of brokerages recently commented on NUVL. Wedbush reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upped their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Guggenheim increased their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Stifel Nicolaus boosted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Down 1.4 %

The company has a market capitalization of $5.87 billion, a P/E ratio of -23.82 and a beta of 1.31. The business’s 50-day moving average is $91.98 and its two-hundred day moving average is $87.29.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the company earned ($0.59) EPS. Analysts predict that Nuvalent, Inc. will post -3.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $101.06, for a total transaction of $1,010,600.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $3,365,298. This trade represents a 23.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. The trade was a 12.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,083,000 shares of company stock worth $203,387,130. 12.52% of the stock is owned by company insiders.

Institutional Trading of Nuvalent

Several hedge funds have recently made changes to their positions in the company. Amalgamated Bank grew its stake in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the period. HighVista Strategies LLC lifted its holdings in Nuvalent by 1.1% during the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after purchasing an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the period. Quest Partners LLC purchased a new position in shares of Nuvalent in the second quarter worth about $44,000. Finally, Arizona State Retirement System raised its position in shares of Nuvalent by 15.9% in the second quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock valued at $623,000 after purchasing an additional 1,127 shares during the period. 97.26% of the stock is currently owned by institutional investors.

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.