Nuvalent (NASDAQ:NUVL) Shares Gap Down to $112.17

Shares of Nuvalent, Inc. (NASDAQ:NUVL) gapped down prior to trading 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 traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on NUVL. Stifel Nicolaus lifted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday. Wedbush lifted their price objective on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price target on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Guggenheim raised their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nuvalent presently has a consensus rating of “Buy” and a consensus target price of $111.00.

Nuvalent Price Performance

The stock has a market cap of $6.77 billion, a price-to-earnings ratio of -43.73 and a beta of 1.28. The firm has a fifty day moving average of $80.06 and a 200 day moving average of $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 analysts’ consensus estimates of ($0.76) by ($0.12). During the same period last year, the business earned ($0.51) earnings per share. Research analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Insider Activity at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the completion of the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,511,819. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value 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 $5,623,362.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $75.43, for a total value of $754,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at $2,511,819. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,834 shares of company stock worth $6,818,117. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of Nuvalent in the 2nd quarter worth $44,000. Amalgamated Bank grew its position in shares of Nuvalent by 21.8% in the second 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. SG Americas Securities LLC purchased a new position in shares of Nuvalent during the 1st quarter worth approximately $121,000. Allspring Global Investments Holdings LLC increased its stake in shares of Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent during the 1st quarter worth approximately $202,000. 97.26% of the stock is 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.