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.

Wall Street Analyst Weigh In

NUVL has been the subject of several analyst reports. Stifel Nicolaus raised their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday. Wedbush increased their target price on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. BMO Capital Markets increased their price objective on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $111.00.

Nuvalent Price Performance

The firm has a market capitalization of $6.77 billion, a P/E ratio of -43.73 and a beta of 1.28. The company’s 50-day simple moving average is $80.06 and its two-hundred day simple moving average is $75.85.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the company earned ($0.51) earnings per share. Analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Insider Activity at Nuvalent

In related news, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at $2,936,394. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,511,819. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,834 shares of company stock valued at $6,818,117. Corporate insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently made changes to their positions in NUVL. Principal Financial Group Inc. raised its holdings in Nuvalent by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares in the last quarter. Allspring Global Investments Holdings LLC boosted 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 acquiring an additional 189 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Nuvalent by 0.8% during the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after purchasing an additional 400 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Nuvalent in the 2nd quarter worth $44,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.