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

Nuvalent, Inc. (NASDAQ:NUVL) gapped up prior to trading 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 changing hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Robert W. Baird assumed coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price target on the stock. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. BMO Capital Markets lifted their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Jefferies Financial Group began coverage on shares of Nuvalent in a research note on Wednesday. They set a “buy” rating and a $97.00 price objective on the stock. Finally, 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 note on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $90.78.

Nuvalent Stock Down 1.9 %

The business’s 50 day moving average is $78.66 and its 200-day moving average is $70.56.

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 analysts’ consensus estimates of ($0.60) by ($0.02). On average, analysts expect that Nuvalent, Inc. will post -2.93 EPS for the current year.

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction on Monday, April 1st. The shares were sold at an average price of $76.92, for a total value of $2,884,500.00. Following the completion of the transaction, the director now owns 1,649,698 shares of the company’s stock, valued at $126,894,770.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Darlene Noci sold 20,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Insiders sold a total of 1,075,000 shares of company stock valued at $78,251,375 over the last 90 days. 14.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of NUVL. Vanguard Group Inc. boosted its holdings in shares of 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 period. Price T Rowe Associates Inc. MD acquired a new position in shares of Nuvalent during the fourth quarter valued at $15,953,000. Commodore Capital LP boosted its holdings in shares of Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares during the period. Perceptive Advisors LLC boosted its holdings in shares of Nuvalent by 18.5% during the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after acquiring an additional 454,540 shares during the period. Finally, ArrowMark Colorado Holdings LLC acquired a new position in shares of Nuvalent during the fourth 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.