Nuvalent (NASDAQ:NUVL) Trading Down 5%

Nuvalent, Inc. (NASDAQ:NUVL)’s stock price dropped 5% during trading on Tuesday . The stock traded as low as $71.70 and last traded at $71.72. Approximately 92,676 shares were traded during trading, a decline of 78% from the average daily volume of 426,401 shares. The stock had previously closed at $75.51.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NUVL shares. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Jefferies Financial Group began coverage on Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Wedbush reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research note on Friday, May 17th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.78.

Nuvalent Price Performance

The business’s fifty day simple moving average is $72.25 and its 200 day simple moving average is $75.24.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). Equities analysts expect that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Transactions at Nuvalent

In other news, Director Matthew Shair sold 37,500 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the transaction, the director now owns 1,612,198 shares of the company’s stock, valued at $110,338,831.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Nuvalent news, Director Emily Conley sold 5,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $77.56, for a total transaction of $387,800.00. Following the completion of the sale, the director now owns 2,507 shares in the company, valued at $194,442.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 37,500 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the sale, the director now directly owns 1,612,198 shares in the company, valued at $110,338,831.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 204,500 shares of company stock valued at $13,741,085. 12.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently modified their holdings of NUVL. Hudson Bay Capital Management LP grew its holdings in shares of Nuvalent by 43.2% during the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock valued at $1,975,000 after purchasing an additional 12,955 shares during the last quarter. First Turn Management LLC bought a new stake in Nuvalent in the fourth quarter valued at $18,831,000. Rhenman & Partners Asset Management AB boosted its holdings in shares of Nuvalent by 31.3% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after acquiring an additional 26,918 shares during the period. Renaissance Capital LLC bought a new position in shares of Nuvalent during the first quarter worth about $1,301,000. Finally, Parkman Healthcare Partners LLC acquired a new stake in shares of Nuvalent in the 4th quarter worth about $4,406,000. Institutional investors own 97.26% of the company’s stock.

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.