Nuvalent (NASDAQ:NUVL) Sets New 1-Year Low - Should You Sell?

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) shares hit a new 52-week low on Monday . The company 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

A number of analysts have recently commented on the company. Wedbush restated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright reissued a "buy" rating and set a $110.00 price target on shares of Nuvalent in a research report on Monday, March 3rd. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Nuvalent has an average rating of "Moderate Buy" and a consensus target price of $113.44.

Nuvalent Stock Performance

The firm has a fifty day moving average of $74.24 and a 200 day moving average of $84.54. The firm has a market capitalization of $4.75 billion, a PE ratio of -19.10 and a beta of 1.43.

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

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Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $82.79, for a total value of $165,580.00. Following the sale, the director now owns 218,522 shares in the company, valued at approximately $18,091,436.38. This represents a 0.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total value of $2,051,730.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at $18,926,221.38. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 85,000 shares of company stock worth $6,541,080. 12.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in Nuvalent by 5.1% during the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after acquiring an additional 2,572 shares during the period. GAMMA Investing LLC raised its position in shares of Nuvalent by 5,549.7% during the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock worth $709,000 after purchasing an additional 9,823 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Nuvalent by 18.0% in the 4th quarter. California State Teachers Retirement System now owns 33,442 shares of the company's stock worth $2,618,000 after purchasing an additional 5,109 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Nuvalent during the 4th quarter valued at approximately $4,428,000. Finally, GF Fund Management CO. LTD. bought a new position in Nuvalent during the 4th quarter worth $108,000. 97.26% of the stock is currently 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.