Nuvalent (NASDAQ:NUVL) Hits New 1-Year High – What’s Next?

Nuvalent, Inc. (NASDAQ:NUVL)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $123.83 and last traded at $123.77, with a volume of 1077919 shares trading hands. The stock had previously closed at $123.72.

Analyst Ratings Changes

NUVL has been the topic of several recent research reports. Stifel Nicolaus set a $124.00 target price on shares of Nuvalent in a report on Tuesday, June 9th. Robert W. Baird set a $122.85 price target on shares of Nuvalent in a research report on Tuesday, June 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvalent in a research note on Tuesday, April 21st. HC Wainwright lowered shares of Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price objective on the stock. in a report on Tuesday, June 9th. Finally, Truist Financial downgraded shares of Nuvalent from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $140.00 to $124.00 in a research note on Tuesday, June 9th. Four equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $127.73.

Nuvalent Price Performance

The firm has a market capitalization of $9.78 billion, a P/E ratio of -20.42 and a beta of 1.14. The stock’s fifty day simple moving average is $110.40 and its 200 day simple moving average is $105.44.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same period in the previous year, the firm earned ($1.18) EPS. As a group, sell-side analysts forecast that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $107.84, for a total transaction of $593,120.00. Following the transaction, the insider directly owned 59,634 shares of the company’s stock, valued at $6,430,930.56. This represents a 8.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Henry E. Pelish sold 3,093 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the sale, the insider owned 65,604 shares of the company’s stock, valued at approximately $6,854,305.92. This trade represents a 4.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 96,953 shares of company stock valued at $9,709,133. Company insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Nuvalent by 1.5% in the fourth quarter. Kennedy Capital Management LLC now owns 10,932 shares of the company’s stock worth $1,100,000 after buying an additional 163 shares during the last quarter. US Bancorp DE lifted its stake in shares of Nuvalent by 10.0% during the third quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after buying an additional 188 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Nuvalent by 141.3% during the first quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after buying an additional 195 shares during the period. Finally, AlphaCentric Advisors LLC grew its holdings in shares of Nuvalent by 5.7% during the first quarter. AlphaCentric Advisors LLC now owns 4,657 shares of the company’s stock valued at $477,000 after buying an additional 253 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.