Nuvalent (NASDAQ:NUVL) Reaches New 52-Week High - What's Next?

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $77.24 and last traded at $76.75, with a volume of 604453 shares changing hands. The stock had previously closed at $75.87.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several research reports. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, March 14th. HC Wainwright reaffirmed a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. Finally, Wedbush reissued an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Nuvalent currently has an average rating of "Moderate Buy" and an average price target of $115.50.

Nuvalent Stock Performance

The business's 50 day moving average is $71.73 and its two-hundred day moving average is $81.12. The firm has a market capitalization of $5.24 billion, a PE ratio of -21.11 and a beta of 1.42.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02). As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at approximately $19,541,404.52. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,000 shares of company stock worth $6,185,150 over the last ninety days. Company 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 bought and sold shares of the stock. Boxer Capital Management LLC bought a new stake in shares of Nuvalent during the 4th quarter worth $87,689,000. Vestal Point Capital LP bought a new position in Nuvalent in the fourth quarter valued at $46,968,000. Polar Capital Holdings Plc raised its position in Nuvalent by 161.2% during the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after purchasing an additional 584,223 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Nuvalent by 142.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 680,000 shares of the company's stock worth $53,230,000 after purchasing an additional 400,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Nuvalent by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.