Nuvalent (NASDAQ:NUVL) Shares Gap Up to $64.75

Nuvalent, Inc. (NASDAQ:NUVL)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $64.75, but opened at $66.20. Nuvalent shares last traded at $64.16, with a volume of 30,996 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on NUVL shares. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Robert W. Baird started coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a report on Tuesday, February 27th. Finally, Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.00.

Nuvalent Stock Down 0.5 %

The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of -29.98 and a beta of 1.29. The company’s 50 day moving average is $79.30 and its 200 day moving average is $70.66.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, analysts expect that Nuvalent, Inc. will post -2.93 EPS for the current year.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the completion of the sale, the director now owns 1,612,198 shares of the company’s stock, valued at $110,338,831.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $68.44, for a total transaction of $2,566,500.00. Following the completion of the sale, the director now directly owns 1,612,198 shares in the company, valued at $110,338,831.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew A. F. Hack sold 880,000 shares of Nuvalent stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total value of $64,037,600.00. Following the completion of the transaction, the director now owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,037,500 shares of company stock valued at $75,792,875. 14.77% of the stock is owned by corporate insiders.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Vanguard Group Inc. boosted its position in Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after acquiring an additional 1,205,668 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Nuvalent in the fourth quarter valued at approximately $15,953,000. Commodore Capital LP grew its holdings in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after buying an additional 502,259 shares in the last quarter. Perceptive Advisors LLC raised its position in Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new position in Nuvalent during the 4th quarter valued at $9,650,000. 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.