Nuvalent (NASDAQ:NUVL) Trading Down 6.9% – Should You Sell?

Nuvalent, Inc. (NASDAQ:NUVL) traded down 6.9% on Thursday . The stock traded as low as $87.12 and last traded at $87.13. 82,471 shares were traded during mid-day trading, a decline of 81% from the average session volume of 428,750 shares. The stock had previously closed at $93.61.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NUVL. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. BMO Capital Markets raised their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Up 0.0 %

The stock has a market cap of $6.17 billion, a P/E ratio of -25.03 and a beta of 1.31. The business’s 50 day simple moving average is $94.91 and its two-hundred day simple moving average is $86.42.

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

Insider Buying and Selling

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the sale, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,970,027. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $96.22, for a total value of $192,440.00. Following the completion of the sale, the director now directly owns 222,522 shares of the company’s stock, valued at approximately $21,411,066.84. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,090,795 shares of company stock worth $204,498,241 in the last ninety days. Company insiders own 12.52% of the company’s stock.

Institutional Trading of Nuvalent

Several institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC raised its holdings in Nuvalent by 29.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock worth $31,546,000 after purchasing an additional 70,157 shares during the last quarter. Exome Asset Management LLC acquired a new stake in shares of Nuvalent during the third quarter worth $2,040,000. Virtu Financial LLC bought a new position in Nuvalent during the third quarter worth $759,000. Teachers Retirement System of The State of Kentucky lifted its holdings in Nuvalent by 82.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company’s stock valued at $545,000 after buying an additional 2,400 shares during the period. Finally, Geode Capital Management LLC boosted its position in Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after acquiring an additional 73,429 shares during the last quarter. 97.26% of the stock is currently owned by 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.