Nuvalent (NASDAQ:NUVL) Shares Gap Down - Should You Sell?

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $102.51, but opened at $97.50. Nuvalent shares last traded at $96.75, with a volume of 199,073 shares changing hands.

Analyst Ratings Changes

NUVL has been the topic of several recent analyst reports. Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. Barclays initiated coverage on Nuvalent in a report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price target for the company. Finally, Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Nuvalent has an average rating of "Moderate Buy" and a consensus price target of $113.78.

Nuvalent Price Performance

The firm's 50-day moving average price is $93.61 and its 200-day moving average price is $80.10. The company has a market cap of $6.07 billion, a price-to-earnings ratio of -34.37 and a beta of 1.29.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.12). During the same period last year, the business posted ($0.51) earnings per share. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.52 earnings per share for the current year.

Insider Transactions at Nuvalent

In related news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total value of $795,100.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,647,683. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $79.51, for a total value of $795,100.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,647,683. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $3,244,081.40. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $3,294,036. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 130,629 shares of company stock valued at $12,151,868. Company insiders own 12.52% of the company's stock.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new stake in shares of Nuvalent during the second quarter worth $44,000. Amalgamated Bank grew its stake in shares of 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 in the last quarter. SG Americas Securities LLC bought a new position in Nuvalent in the first quarter valued at $121,000. Allspring Global Investments Holdings LLC raised its holdings in Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company's stock worth $168,000 after acquiring an additional 189 shares in the last quarter. Finally, Creative Planning acquired a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $232,000. 97.26% of the stock is owned by 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.