Nuvalent (NASDAQ:NUVL) Trading Down 2.4% - What's Next?

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) were down 2.4% during trading on Tuesday . The company traded as low as $81.11 and last traded at $81.82. Approximately 59,365 shares traded hands during trading, a decline of 86% from the average daily volume of 437,050 shares. The stock had previously closed at $83.85.

Wall Street Analyst Weigh In

NUVL has been the subject of several research reports. Guggenheim increased their price target on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. JPMorgan Chase & Co. upped their price target on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Finally, Barclays started coverage on Nuvalent in a report on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $112.60.

Nuvalent Stock Down 1.4 %

The company has a market cap of $5.87 billion, a PE ratio of -23.82 and a beta of 1.31. The company's fifty day moving average is $92.82 and its 200-day moving average is $87.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the firm posted ($0.59) earnings per share. Equities research analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares of the company's stock, valued at approximately $19,240,197.64. This represents a 12.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Darlene Noci sold 5,000 shares of Nuvalent 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 transaction, the insider now directly owns 33,300 shares in the company, valued at $3,387,942. This represents a 13.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,083,000 shares of company stock valued at $203,387,130. Insiders own 12.52% of the company's stock.

Institutional Trading of Nuvalent

Institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC grew its position in shares of Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company's stock valued at $31,546,000 after purchasing an additional 70,157 shares in the last quarter. Exome Asset Management LLC bought a new position in Nuvalent during the third quarter valued at approximately $2,040,000. Virtu Financial LLC purchased a new position in Nuvalent during the 3rd quarter valued at approximately $759,000. Teachers Retirement System of The State of Kentucky increased its stake in Nuvalent by 82.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 5,324 shares of the company's stock worth $545,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Nuvalent by 9.4% during the 3rd quarter. Geode Capital Management LLC now owns 855,610 shares of the company's stock worth $87,546,000 after acquiring an additional 73,429 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

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.