Share price of Nuvalent (NASDAQ:NUVL) rose 3.3%

Nuvalent, Inc. stock price (NASDAQ:NUVL – Get Free Report ) traded up 3.3% on Friday. The company traded as high as $106.95 and last traded at $106.68. 72,122 shares were traded during trading, down 83% from the session’s average volume of 425,661 shares. Shares previously closed at $103.25.

Changes in Analyst Ratings

Several equities analysts have covered the company. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Moderate Buy” and an average target price of $111.00, based on data from MarketBeat.com.

Check out the latest stock report on NUVL

Nuvalent price performance

The firm has a market cap of $6.86 billion, a PE ratio of -45.07 and a beta of 1.28. The stock’s 50-day moving average price is $81.25 and its 200-day moving average price is $76.16.

Nuvalent (NASDAQ:NUVL – Get Your Free Report ) last posted its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). In the same quarter last year, the company earned ($0.51) earnings per share. Equities research analysts forecast that Nuvalent, Inc. will post -3.55 earnings per share for the current fiscal year.

Internal activity at Nuvalent

In other Nuvalent news, insider Henry E. Pelish sold 32,795 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,294,036. The sale was disclosed in a filing with the SEC, which can be accessed via this hyperlink. In related news, insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $3,294,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $80.22, for a total value of $160,440.00. Following the sale, the director now owns 232,522 shares of the company’s stock, valued at approximately $18,652,914.84. The disclosure for this sale can be found here. Insiders have sold 117,629 shares of company stock worth $10,062,198 over the last three months. 12.52% of shares are owned by corporate insiders.

Hedge funds are weighing on Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter valued at about $44,000. Amalgamated Bank boosted its position in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent in the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC boosted its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new stake in Nuvalent in the 1st quarter worth approximately $202,000. Hedge funds and other institutional investors own 97.26% of the company’s shares.

About Nuvalent

(Get a free report)

Nuvalent, Inc, a clinical-stage biopharmaceutical company, is committed to developing therapies for cancer patients. Its lead candidates are NVL-520, a novel selective ROS1 inhibitor to address the clinical challenges of emerging treatment resistance, central nervous system (CNS) 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) who are in phase 2 of the ARROS-1 phase 1/2 clinical trial; NVL-655, a selective brain-penetrating ALK inhibitor, to address the clinical challenges of emerging treatment resistance, CNS-related adverse events, and brain metastases that may limit the use of first-, second-, and third-generation ALK inhibitors. i.e. in phase 2 of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a selective brain-penetrating human epidermal growth factor receptor 2 (HER2) inhibitor designed to treat HER2ex20-driven tumors, brain metastases and avoid treatment-limiting adverse events, including inhibition wild type off target. EGFR, which is expected to initiate the phase 1 trial.

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