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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) dropped 2.4% on Tuesday . The company traded as low as $81.11 and last traded at $81.82. Approximately 59,365 shares changed hands 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

NUVL has been the topic of several research analyst reports. UBS Group began coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. Finally, Guggenheim boosted their price target on 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. According to MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Stock Performance

The firm’s fifty day moving average is $91.98 and its 200-day moving average is $87.29. The company has a market capitalization of $5.87 billion, a P/E ratio of -23.82 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results 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 period in the prior year, the business posted ($0.59) EPS. As a group, analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Activity

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent 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 transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $101.06, for a total value of $1,010,600.00. Following the completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at $3,365,298. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,083,000 shares of company stock valued at $203,387,130. 12.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in NUVL. Quest Partners LLC bought a new position in Nuvalent during the 2nd quarter worth approximately $44,000. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the period. Portland Investment Counsel Inc. bought a new position in Nuvalent during the third quarter worth $205,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the period. Finally, Creative Planning bought a new stake in Nuvalent during the third quarter valued at $232,000. 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.