Nuvalent (NASDAQ:NUVL) Trading Up 6.2% - Here's What Happened

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report)'s stock price shot up 6.2% on Thursday . The stock traded as high as $75.09 and last traded at $75.83. 158,864 shares traded hands during trading, a decline of 68% from the average session volume of 490,253 shares. The stock had previously closed at $71.43.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NUVL. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. HC Wainwright reissued a "buy" rating and issued a $110.00 price target on shares of Nuvalent in a report on Monday, March 3rd. One 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 stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of "Moderate Buy" and an average target price of $115.50.

Nuvalent Trading Down 1.5%

The company has a market cap of $5.29 billion, a PE ratio of -21.22 and a beta of 1.42. The firm's fifty day moving average is $70.99 and its 200 day moving average is $78.45.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the firm earned ($0.69) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Monday, March 17th. The shares were sold at an average price of $75.87, for a total transaction of $2,048,490.00. Following the sale, the chief executive officer now owns 249,062 shares of the company's stock, valued at $18,896,333.94. The trade was a 9.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paradigm Biocapital Advisors LP boosted its stake in Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares during the last quarter. Vanguard Group Inc. boosted its stake in Nuvalent by 8.9% during 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Nuvalent by 11.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock worth $102,878,000 after purchasing an additional 152,692 shares during the last quarter. Wellington Management Group LLP boosted its stake in Nuvalent by 12.3% during the 1st quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after purchasing an additional 157,809 shares during the last quarter. Finally, Woodline Partners LP boosted its stake in Nuvalent by 0.9% during the 4th quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after purchasing an additional 11,248 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Nuvalent Company Profile

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.