Nuvalent (NASDAQ:NUVL) Shares Down 5%

Nuvalent, Inc. (NASDAQ:NUVL) shares were down 5% during trading on Monday . The company traded as low as $102.40 and last traded at $102.57. Approximately 147,664 shares traded hands during trading, a decline of 66% from the average daily volume of 433,472 shares. The stock had previously closed at $108.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Stifel Nicolaus upped their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Guggenheim increased their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their target price on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. One equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $111.00.

Nuvalent Stock Down 5.5 %

The company’s fifty day moving average price is $82.34 and its 200-day moving average price is $76.42. The stock has a market capitalization of $6.59 billion, a PE ratio of -42.07 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the prior year, the firm earned ($0.51) EPS. Equities research analysts anticipate that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other news, insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,515,482. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Nuvalent news, insider Darlene Noci sold 5,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,515,482. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Deborah Ann Miller sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $68.78, for a total transaction of $206,340.00. Following the completion of the sale, the insider now owns 33,300 shares in the company, valued at $2,290,374. The disclosure for this sale can be found here. Insiders sold 115,629 shares of company stock worth $9,901,758 over the last 90 days. 12.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Nuvalent by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after acquiring an additional 72,222 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after acquiring an additional 454,540 shares during the last quarter. Darwin Global Management Ltd. lifted its position in shares of Nuvalent by 2,390.5% during the 1st 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 last quarter. Commodore Capital LP boosted its stake in Nuvalent by 60.6% in the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its stake in Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after buying an additional 23,730 shares during the last quarter. Institutional investors and hedge funds 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.