Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) shares traded up 6.2% during trading on Thursday . The company traded as high as $75.09 and last traded at $75.83. 158,864 shares were traded during trading, a decline of 68% from the average session volume of 490,253 shares. The stock had previously closed at $71.43.
Wall Street Analysts Forecast Growth
NUVL has been the subject of several analyst reports. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.
Read Our Latest Stock Analysis on Nuvalent
Nuvalent Trading Up 3.4%
The company's 50-day moving average is $70.99 and its two-hundred day moving average is $78.37. The stock has a market capitalization of $5.54 billion, a P/E ratio of -22.22 and a beta of 1.42.
Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period in the prior year, the business posted ($0.69) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.
Insider Activity
In related news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares of the company's stock, valued at $17,170,334.28. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.52% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares in the last quarter. KBC Group NV lifted its stake in Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after buying an additional 602 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Nuvalent in the fourth quarter worth approximately $10,487,000. Rhumbline Advisers raised its holdings in shares of Nuvalent by 3.9% during the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock valued at $3,950,000 after acquiring an additional 1,896 shares during the period. Finally, Candriam S.C.A. raised its holdings in shares of Nuvalent by 15.6% during the fourth quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock valued at $28,814,000 after acquiring an additional 49,728 shares during the period. Institutional investors own 97.26% of the company's stock.
About Nuvalent
(
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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