Nuvalent, Inc. (NASDAQ:NUVL – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $123.97 and last traded at $123.94, with a volume of 2457178 shares. The stock had previously closed at $123.90.
Wall Street Analyst Weigh In
Several brokerages have weighed in on NUVL. Truist Financial downgraded shares of Nuvalent from a “buy” rating to a “hold” rating and lowered their price target for the company from $140.00 to $124.00 in a report on Tuesday, June 9th. Cantor Fitzgerald cut shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Piper Sandler downgraded shares of Nuvalent from an “overweight” rating to a “neutral” rating and set a $124.00 price objective on the stock. in a research report on Tuesday, June 9th. Wedbush cut shares of Nuvalent from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $124.00 in a research note on Tuesday, June 9th. Finally, Stifel Nicolaus set a $124.00 target price on shares of Nuvalent in a report on Tuesday, June 9th. Four equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $127.73.
Check Out Our Latest Stock Analysis on NUVL
Nuvalent Stock Up 0.0%
Nuvalent (NASDAQ:NUVL – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same quarter in the prior year, the firm earned ($1.18) EPS. As a group, analysts anticipate that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.
Insider Activity at Nuvalent
In other news, CEO James Richard Porter sold 30,000 shares of Nuvalent stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $101.69, for a total value of $3,050,700.00. Following the sale, the chief executive officer directly owned 324,879 shares of the company’s stock, valued at approximately $33,036,945.51. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Deborah Ann Miller sold 5,500 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $107.84, for a total value of $593,120.00. Following the completion of the sale, the insider owned 59,634 shares in the company, valued at $6,430,930.56. This represents a 8.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 125,971 shares of company stock worth $13,358,939 over the last 90 days. Company insiders own 5.02% of the company’s stock.
Hedge Funds Weigh In On Nuvalent
Several institutional investors have recently added to or reduced their stakes in NUVL. EverSource Wealth Advisors LLC increased its stake in Nuvalent by 141.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after acquiring an additional 195 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Nuvalent by 47.6% during the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock valued at $34,000 after acquiring an additional 108 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Nuvalent in the fourth quarter valued at $125,000. KBC Group NV grew its holdings in shares of Nuvalent by 24.1% in the fourth quarter. KBC Group NV now owns 1,527 shares of the company’s stock valued at $154,000 after purchasing an additional 297 shares in the last quarter. Finally, Portland Investment Counsel Inc. bought a new stake in Nuvalent in the fourth quarter worth $201,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.
Nuvalent Company Profile
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.
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