Nuvalent (NASDAQ:NUVL) Trading Down 5%

Nuvalent, Inc. (NASDAQ:NUVL) shares were down 5% during mid-day trading on Tuesday . The stock traded as low as $71.70 and last traded at $71.72. Approximately 92,676 shares traded hands during trading, a decline of 78% from the average daily volume of 426,401 shares. The stock had previously closed at $75.51.

Analyst Ratings Changes

Several analysts have recently issued reports on NUVL shares. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. Wedbush reissued an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Friday, May 17th. Jefferies Financial Group assumed coverage on Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, SVB Leerink upgraded Nuvalent from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Nuvalent Trading Down 3.3 %

The business has a 50-day moving average price of $72.25 and a two-hundred day moving average price of $75.24.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). Research analysts predict that Nuvalent, Inc. will post -3.06 EPS for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $63.65, for a total transaction of $2,386,875.00. Following the transaction, the director now directly owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Emily Conley sold 5,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $77.56, for a total value of $387,800.00. Following the completion of the sale, the director now directly owns 2,507 shares of the company’s stock, valued at approximately $194,442.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Shair sold 37,500 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $63.65, for a total value of $2,386,875.00. Following the completion of the sale, the director now directly owns 1,537,198 shares of the company’s stock, valued at $97,842,652.70. The disclosure for this sale can be found here. Insiders have sold 204,500 shares of company stock valued at $13,741,085 over the last ninety days. 12.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of NUVL. Vanguard Group Inc. increased its position in shares of Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Perceptive Advisors LLC increased its position in shares of Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after purchasing an additional 454,540 shares during the last quarter. Darwin Global Management Ltd. increased its position in shares of Nuvalent by 2,390.5% during the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares during the last quarter. Commodore Capital LP increased its position 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Nuvalent by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock valued at $20,888,000 after purchasing an additional 18,263 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other 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.