Nuvalent (NASDAQ:NUVL) Sets New 52-Week High at $89.81

Nuvalent, Inc. (NASDAQ:NUVLGet Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $89.81 and last traded at $89.26, with a volume of 1829 shares. The stock had previously closed at $89.24.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NUVL shares. Stifel Nicolaus upped their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Wedbush reiterated an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Monday. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Barclays started coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Nuvalent presently has a consensus rating of “Buy” and an average price target of $103.00.

Get Our Latest Stock Analysis on NUVL

Nuvalent Stock Down 2.1 %

The stock has a market capitalization of $5.53 billion, a PE ratio of -35.53 and a beta of 1.28. The firm’s fifty day moving average price is $78.78 and its two-hundred day moving average price is $75.77.

Nuvalent (NASDAQ:NUVLGet Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter last year, the firm earned ($0.51) EPS. As a group, analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current year.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Emily Conley sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $77.56, for a total transaction of $387,800.00. Following the completion of the sale, the director now directly owns 2,507 shares of the company’s stock, valued at $194,442.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Nuvalent news, insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at $2,936,394. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Emily Conley sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $77.56, for a total transaction of $387,800.00. Following the completion of the transaction, the director now owns 2,507 shares of the company’s stock, valued at $194,442.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,834 shares of company stock valued at $7,205,917. Insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the company. Quest Partners LLC bought a new position in shares of Nuvalent in the second quarter worth approximately $44,000. Amalgamated Bank boosted its position in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the period. SG Americas Securities LLC bought a new position in shares of Nuvalent in the first quarter worth approximately $121,000. Allspring Global Investments Holdings LLC boosted its position in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nuvalent during the first quarter valued at $202,000. 97.26% of the stock is currently 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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