Nuvalent (NASDAQ:NUVL) Shares Gap Down – What’s Next?

Nuvalent, Inc. (NASDAQ:NUVL)’s share 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.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NUVL shares. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. UBS Group began coverage on Nuvalent in a research report on Thursday. They issued a “neutral” rating and a $100.00 price target for the company. BMO Capital Markets raised their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. Finally, Wedbush upped their target price on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.40.

Nuvalent Price Performance

The company has a market cap of $6.07 billion, a PE ratio of -33.68 and a beta of 1.29. The business has a fifty day simple moving average of $94.52 and a two-hundred day simple moving average of $80.29.

Nuvalent (NASDAQ:NUVL) last posted its 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 quarter in the prior year, the firm earned ($0.51) EPS. On average, equities research analysts predict that Nuvalent, Inc. will post -3.52 EPS for the current year.

Insider Buying and Selling

In related news, insider Deborah Ann Miller sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,290,374. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $68.78, for a total value of $206,340.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $2,290,374. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction of $2,761,560.00. Following the transaction, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $19,240,197.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,130,629 shares of company stock worth $207,651,868 in the last ninety days. 12.52% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in Nuvalent in the 2nd quarter worth approximately $44,000. Amalgamated Bank increased its holdings in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the first quarter worth about $121,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Nuvalent by 9.2% during the 1st 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, Mount Yale Investment Advisors LLC purchased a new position in shares of Nuvalent in the 1st quarter valued at about $202,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.