Nuvalent (NASDAQ:NUVL) Trading Down 4.8% - Here's What Happened

Key Points

• Nuvalent's stock fell by 4.8% to $85.44, significantly lower than its previous close of $89.75, marking a 77% decline in trading volume.
• Despite the drop, several analysts remain bullish, with price targets ranging from $112 to $122 and a consensus rating of "Moderate Buy".
• Insider trading has seen significant selling, with CFO Alexandra Balcom offloading 20,000 shares, resulting in a 24.47% decrease in her position.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report)'s stock price dropped 4.8% on Tuesday . The stock traded as low as $85.35 and last traded at $85.44. Approximately 116,238 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 513,261 shares. The stock had previously closed at $89.75.

Wall Street Analyst Weigh In

NUVL has been the topic of several recent research reports. Wedbush reiterated an "outperform" rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Monday, September 8th. Robert W. Baird boosted their price target on shares of Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a research report on Monday, June 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Nuvalent in a research report on Wednesday, October 8th. Finally, Guggenheim assumed coverage on shares of Nuvalent in a research report on Thursday, September 4th. They set a "buy" rating and a $122.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.89.

Nuvalent Stock Performance

The company's 50 day moving average price is $79.22 and its 200-day moving average price is $76.48. The company has a market cap of $6.14 billion, a price-to-earnings ratio of -17.37 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter last year, the firm posted ($0.88) EPS. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, CFO Alexandra Balcom sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $85.06, for a total value of $1,701,200.00. Following the transaction, the chief financial officer owned 61,734 shares in the company, valued at approximately $5,251,094.04. This represents a 24.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Henry E. Pelish sold 5,500 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $74.85, for a total transaction of $411,675.00. Following the completion of the transaction, the insider owned 60,956 shares in the company, valued at approximately $4,562,556.60. This represents a 8.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,513 shares of company stock worth $8,474,043. 10.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC lifted its stake in shares of Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company's stock valued at $30,000 after purchasing an additional 359 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent in the 1st quarter valued at $38,000. Covestor Ltd lifted its stake in shares of Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after purchasing an additional 861 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Nuvalent in the 2nd quarter valued at $88,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Nuvalent by 9,230.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after purchasing an additional 1,200 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.