Nuvalent (NASDAQ:NUVL) Sets New 52-Week High at $89.81

Nuvalent, Inc. (NASDAQ:NUVL)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $89.81 and last traded at $89.26, with a volume of 1829 shares trading hands. The stock had previously closed at $89.24.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. raised 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. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. Stifel Nicolaus raised their price target on shares of Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Wedbush restated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research note on Monday. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Nuvalent presently has an average rating of “Buy” and a consensus price target of $103.00.

Nuvalent Trading Down 2.1 %

The stock has a market capitalization of $5.53 billion, a P/E ratio of -35.53 and a beta of 1.28. The company’s fifty day simple moving average is $78.78 and its 200 day simple moving average is $75.77.

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 period in the prior year, the company earned ($0.51) EPS. Equities research analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 10,500 shares of Nuvalent stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Henry E. Pelish sold 10,500 shares of Nuvalent stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the transaction, the insider now owns 66,095 shares in the company, valued at approximately $5,623,362.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total transaction of $160,440.00. Following the completion of the transaction, the director now owns 232,522 shares in the company, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,834 shares of company stock valued at $7,205,917. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

A number of large investors have recently added to or reduced their stakes in the business. Rhenman & Partners Asset Management AB boosted its stake in shares of Nuvalent by 31.3% during the 4th quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares in the last quarter. Renaissance Capital LLC bought a new stake in shares of Nuvalent during the 1st quarter valued at about $1,301,000. Parkman Healthcare Partners LLC bought a new stake in shares of Nuvalent during the 4th quarter valued at about $4,406,000. Commodore Capital LP boosted its stake in shares of Nuvalent by 60.6% during the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after purchasing an additional 502,259 shares in the last quarter. Finally, Seven Eight Capital LP bought a new stake in Nuvalent during the first quarter worth about $1,172,000. 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.