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

Nuvalent, Inc. (NASDAQ:NUVL) shares fell 2.4% during mid-day trading on Tuesday . The company traded as low as $81.11 and last traded at $81.82. 59,365 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 437,050 shares. The stock had previously closed at $83.85.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NUVL shares. Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. BMO Capital Markets increased their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. 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. Finally, UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Price Performance

The firm has a market capitalization of $5.88 billion, a P/E ratio of -23.84 and a beta of 1.31. The stock’s fifty day simple moving average is $92.82 and its 200 day simple moving average is $87.30.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the company posted ($0.59) EPS. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Activity

In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $101.74, for a total transaction of $508,700.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,387,942. The trade was a 13.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the transaction, the director now directly owns 224,522 shares of the company’s stock, valued at approximately $20,595,403.06. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,083,000 shares of company stock worth $203,387,130. Insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of large investors have recently made changes to their positions in NUVL. Amalgamated Bank lifted its position in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the period. HighVista Strategies LLC raised its stake in shares of Nuvalent by 1.1% in the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after purchasing an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the period. Quest Partners LLC purchased a new stake in Nuvalent in the second quarter valued at approximately $44,000. Finally, Arizona State Retirement System increased its holdings in Nuvalent by 15.9% in the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after buying an additional 1,127 shares during the period. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.