Nuvalent, Inc. (NASDAQ:NUVL – Get Rating) shares gapped up prior to trading on Friday . The stock had previously closed at $16.88, but opened at $17.79. Nuvalent shares last traded at $16.21, with a volume of 133 shares traded.
Analysts Set New Price Targets
Separately, BMO Capital Markets began coverage on shares of Nuvalent in a research report on Thursday, June 23rd. They issued an "outperform" rating and a $28.00 price target for the company.
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Nuvalent Price Performance
The stock's 50-day moving average is $15.59 and its two-hundred day moving average is $13.31. The stock has a market cap of $760.46 million and a P/E ratio of -10.56.
Nuvalent (NASDAQ:NUVL – Get Rating) last issued its earnings results on Wednesday, August 10th. The company reported ($0.38) earnings per share for the quarter, topping analysts' consensus estimates of ($0.43) by $0.05. On average, analysts anticipate that Nuvalent, Inc. will post -1.73 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Darlene Noci sold 1,604 shares of the company's stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $17.03, for a total transaction of $27,316.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Darlene Noci sold 1,604 shares of the company's stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $17.03, for a total transaction of $27,316.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company's stock in a transaction on Friday, July 15th. The shares were sold at an average price of $18.29, for a total transaction of $36,580.00. Following the sale, the director now directly owns 2,162,598 shares in the company, valued at approximately $39,553,917.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,386 shares of company stock worth $428,667. 15.79% of the stock is owned by insiders.
Institutional Investors Weigh In On Nuvalent
A number of hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its stake in Nuvalent by 141.3% during the second quarter. Goldman Sachs Group Inc. now owns 40,652 shares of the company's stock valued at $552,000 after purchasing an additional 23,805 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Nuvalent in the second quarter valued at $271,000. Driehaus Capital Management LLC raised its stake in shares of Nuvalent by 20.9% in the second quarter. Driehaus Capital Management LLC now owns 1,402,451 shares of the company's stock valued at $19,017,000 after acquiring an additional 242,383 shares during the period. State Street Corp raised its stake in shares of Nuvalent by 25.6% in the second quarter. State Street Corp now owns 284,359 shares of the company's stock valued at $3,856,000 after acquiring an additional 57,920 shares during the period. Finally, Citadel Advisors LLC raised its stake in shares of Nuvalent by 95.4% in the second quarter. Citadel Advisors LLC now owns 92,762 shares of the company's stock valued at $1,258,000 after acquiring an additional 45,299 shares during the period.
Nuvalent Company Profile
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Nuvalent, Inc, a clinical stage biopharmaceutical company, develops therapies for patients with cancer. Its lead product candidates are NVL-520, a brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; and NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase I/II clinical trial.
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