Nuvalent (NASDAQ:NUVL) Trading 4.7% Higher

Nuvalent, Inc. (NASDAQ:NUVLGet Free Report)’s share price traded up 4.7% on Thursday . The company traded as high as $77.11 and last traded at $77.00. 349,937 shares traded hands during trading, a decline of 18% from the average session volume of 426,636 shares. The stock had previously closed at $73.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective on the stock. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Robert W. Baird assumed coverage on Nuvalent in a research report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research report on Friday, May 17th. Finally, Guggenheim assumed coverage on Nuvalent in a research report on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $90.78.

Check Out Our Latest Analysis on Nuvalent

Nuvalent Stock Down 3.0 %

The firm has a fifty day moving average of $68.87 and a 200 day moving average of $73.75.

Nuvalent (NASDAQ:NUVLGet Free Report) last posted its earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02). As a group, equities analysts expect that Nuvalent, Inc. will post -3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company’s stock, valued at $129,526,190.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Andrew A. F. Hack sold 880,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the completion of the sale, the director now owns 2,697,267 shares in the company, valued at $196,280,119.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Shair sold 37,500 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the sale, the director now owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,194,500 shares of company stock valued at $86,198,420. 12.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuvalent

Several hedge funds have recently made changes to their positions in NUVL. Darwin Global Management Ltd. boosted its stake in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after buying an additional 1,379,266 shares during the period. Vanguard Group Inc. boosted its stake in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after buying an additional 1,205,668 shares during the period. Commodore Capital LP boosted its stake in shares of Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares during the period. Perceptive Advisors LLC boosted its stake in shares of Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after buying an additional 454,540 shares during the period. Finally, First Turn Management LLC acquired a new stake in shares of Nuvalent during the fourth quarter worth about $18,831,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Company Profile

(Get Free Report)

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.

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