Nuvalent (NASDAQ:NUVL) Trading Up 3.3%

Nuvalent, Inc. (NASDAQ:NUVL)’s share price traded up 3.3% during mid-day trading on Friday . The company traded as high as $106.95 and last traded at $106.68. 72,122 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 425,661 shares. The stock had previously closed at $103.25.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. BMO Capital Markets lifted their price target on Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Stifel Nicolaus increased their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.00.

Nuvalent Trading Up 2.9 %

The stock has a market cap of $6.86 billion, a PE ratio of -45.07 and a beta of 1.28. The business has a fifty day simple moving average of $81.25 and a two-hundred day simple moving average of $76.16.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the firm earned ($0.51) earnings per share. On average, research analysts predict that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Insider Buying and Selling

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.92, for a total value of $3,244,081.40. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $3,294,036. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,290,374. The disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock valued at $10,062,198 over the last quarter. Corporate insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in shares of Nuvalent by 19.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 236,881 shares of the company’s stock valued at $17,432,000 after acquiring an additional 38,895 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Nuvalent by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock worth $20,888,000 after purchasing an additional 18,263 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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. Franklin Resources Inc. lifted its stake in shares of Nuvalent by 13.9% during the 4th quarter. Franklin Resources Inc. now owns 175,436 shares of the company’s stock valued at $12,910,000 after buying an additional 21,390 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of Nuvalent by 19.7% during the 4th quarter. TD Asset Management Inc now owns 54,478 shares of the company’s stock valued at $4,009,000 after buying an additional 8,954 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

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.