Nuvalent, Inc. (NASDAQ:NUVL – Get Rating)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $15.04, but opened at $15.55. Nuvalent shares last traded at $16.64, with a volume of 1,045 shares changing hands.
Analyst Upgrades and Downgrades
Separately, BMO Capital Markets started coverage on Nuvalent in a report on Thursday, June 23rd. They set an "outperform" rating and a $28.00 price target for the company.
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Nuvalent Stock Up 13.0 %
The stock has a market cap of $821.27 million, a P/E ratio of -11.45 and a beta of 1.12. The business has a 50 day moving average price of $16.15 and a two-hundred day moving average price of $13.22.
Nuvalent (NASDAQ:NUVL – Get Rating) last released its quarterly earnings data 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, research analysts forecast that Nuvalent, Inc. will post -1.73 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Darlene Noci sold 1,604 shares of the business's stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $17.03, for a total value of $27,316.12. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Darlene Noci sold 1,604 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $17.03, for a total value of $27,316.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $18.29, for a total value of $36,580.00. Following the completion of the transaction, 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 three months, insiders have sold 24,386 shares of company stock worth $428,667. Corporate insiders own 15.79% of the company's stock.
Hedge Funds Weigh In On Nuvalent
Large investors have recently added to or reduced their stakes in the company. Strs Ohio raised its holdings in Nuvalent by 72.0% in the first quarter. Strs Ohio now owns 4,300 shares of the company's stock worth $59,000 after purchasing an additional 1,800 shares in the last quarter. California State Teachers Retirement System raised its holdings in Nuvalent by 35.0% in the first quarter. California State Teachers Retirement System now owns 7,811 shares of the company's stock worth $108,000 after purchasing an additional 2,024 shares in the last quarter. American International Group Inc. raised its holdings in Nuvalent by 59.8% in the first quarter. American International Group Inc. now owns 9,098 shares of the company's stock worth $126,000 after purchasing an additional 3,406 shares in the last quarter. New York State Common Retirement Fund raised its holdings in Nuvalent by 65.6% in the first quarter. New York State Common Retirement Fund now owns 12,922 shares of the company's stock worth $179,000 after purchasing an additional 5,120 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Nuvalent by 196.6% in the first quarter. MetLife Investment Management LLC now owns 12,959 shares of the company's stock worth $180,000 after purchasing an additional 8,590 shares in the last quarter. 95.07% of the stock is currently owned by institutional investors.
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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