Nuvalent (NASDAQ:NUVL) Shares Gap Down – Time to Sell?

by · The Markets Daily

Nuvalent, Inc. (NASDAQ:NUVL – Get Free Report)’s share price gapped down before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price on the stock. BMO Capital Markets lifted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Wedbush lifted their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Finally, Guggenheim lifted 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, September 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and a consensus price target of $113.78.

Check Out Our Latest Report on Nuvalent

Nuvalent Stock Down 6.8 %

The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of -34.29 and a beta of 1.29. The stock’s 50-day simple moving average is $93.61 and its 200 day simple moving average is $80.10.

Nuvalent (NASDAQ:NUVL – Get Free Report) last announced 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). During the same period in the prior year, the company earned ($0.51) EPS. As a group, equities research analysts anticipate that Nuvalent, Inc. will post -3.52 earnings per share for the current year.

Insiders Place Their Bets

In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction dated 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 approximately $2,290,374. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Henry E. Pelish sold 32,795 shares of the business’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 transaction of $3,244,081.40. Following the completion of the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $3,294,036. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,290,374. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,629 shares of company stock valued at $12,151,868. Insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quest Partners LLC acquired a new position in Nuvalent during the second quarter valued at approximately $44,000. Amalgamated Bank boosted its holdings in shares of 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 during the period. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 buying an additional 189 shares during the period. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the first quarter valued at approximately $202,000. 97.26% of the stock is owned by institutional investors.

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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