Nuvalent (NASDAQ:NUVL) Trading Down 2.4% – Here’s Why

Nuvalent, Inc. (NASDAQ:NUVL)’s share price was down 2.4% during mid-day trading on Tuesday . The stock 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.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush restated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday, November 12th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Down 1.3 %

The company has a market capitalization of $5.88 billion, a PE ratio of -23.84 and a beta of 1.31. The firm has a 50-day moving average of $92.82 and a two-hundred day moving average of $87.30.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the firm posted ($0.59) EPS. On average, equities research analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total value of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $3,387,942. The trade was a 13.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $16,292,466.93. This represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,083,000 shares of company stock valued at $203,387,130 over the last quarter. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Nuvalent by 8.9% during the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after acquiring an additional 786,257 shares during the period. Wellington Management Group LLP grew its holdings in Nuvalent by 65.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock worth $103,511,000 after acquiring an additional 400,402 shares in the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nuvalent in the 2nd quarter valued at approximately $17,397,000. Logos Global Management LP acquired a new stake in shares of Nuvalent in the 2nd quarter valued at $14,793,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock worth $26,409,000 after purchasing an additional 155,276 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.