Nuvalent (NASDAQ:NUVL) Sees Unusually-High Trading Volume After Analyst Upgrade

Nuvalent, Inc. (NASDAQ:NUVL) saw unusually-strong trading volume on Wednesday after The Goldman Sachs Group raised their price target on the stock from $120.00 to $135.00. The Goldman Sachs Group currently has a buy rating on the stock. Approximately 843,131 shares changed hands during mid-day trading, an increase of 59% from the previous session’s volume of 530,065 shares.The stock last traded at $107.0370 and had previously closed at $104.24.

NUVL has been the subject of several other research reports. Barclays set a $152.00 price target on Nuvalent in a report on Monday. UBS Group increased their price target on shares of Nuvalent from $114.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Wedbush reiterated an “outperform” rating and issued a $125.00 price target (up previously from $120.00) on shares of Nuvalent in a report on Monday. Piper Sandler upped their price objective on Nuvalent from $112.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, HC Wainwright increased their target price on Nuvalent from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday. Thirteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $137.69.

Insider Activity

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $90.63, for a total transaction of $2,447,010.00. Following the transaction, the chief executive officer owned 249,062 shares in the company, valued at approximately $22,572,489.06. The trade was a 9.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alexandra Balcom sold 20,000 shares of the company’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the sale, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at approximately $5,464,076.34. This trade represents a 24.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 246,071 shares of company stock valued at $22,589,016 over the last quarter. 10.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. purchased a new stake in shares of Nuvalent during the 3rd quarter valued at about $107,794,000. Wellington Management Group LLP boosted its holdings in Nuvalent by 46.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock worth $198,979,000 after acquiring an additional 724,491 shares during the period. Braidwell LP boosted its holdings in Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company’s stock worth $59,640,000 after acquiring an additional 599,710 shares during the period. Vestal Point Capital LP grew its position in Nuvalent by 79.2% in the first quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock valued at $76,239,000 after acquiring an additional 475,000 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of Nuvalent during the first quarter valued at approximately $31,969,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Nuvalent Stock Up 2.7%

The business’s 50 day moving average price is $89.11 and its 200-day moving average price is $81.25. The company has a market cap of $7.78 billion, a PE ratio of -20.12 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same quarter last year, the business earned ($1.28) EPS. Equities analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

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.