Nuvalent (NASDAQ:NUVL) Sets New 52-Week Low – What’s Next?

Nuvalent, Inc. (NASDAQ:NUVL) shares hit a new 52-week low on Monday . The stock traded as low as $59.82 and last traded at $60.93, with a volume of 25068 shares trading hands. The stock had previously closed at $65.74.

Wall Street Analyst Weigh In

NUVL has been the subject of a number of research reports. UBS Group upgraded shares of Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Friday, March 14th. HC Wainwright reiterated a “buy” rating and set a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. Finally, Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.44.

Nuvalent Stock Performance

The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of -18.28 and a beta of 1.43. The firm has a fifty day moving average price of $77.38 and a 200-day moving average price of $86.25.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the sale, the director now owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at approximately $18,896,333.94. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,000 shares of company stock valued at $6,541,080. 12.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently made changes to their positions in NUVL. Crowley Wealth Management Inc. bought a new stake in Nuvalent in the fourth quarter valued at approximately $27,000. Quarry LP bought a new stake in shares of Nuvalent in the 4th quarter valued at $39,000. US Bancorp DE bought a new position in Nuvalent during the fourth quarter worth $90,000. GF Fund Management CO. LTD. acquired a new position in Nuvalent in the fourth quarter valued at $108,000. Finally, KBC Group NV boosted its position in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company’s stock valued at $124,000 after acquiring an additional 602 shares during the last quarter. Institutional investors and hedge funds 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.