Nuvalent (NASDAQ:NUVL) Trading Down 10.1%

Shares of Nuvalent, Inc. (NASDAQ:NUVLGet Rating) traded down 10.1% during trading on Tuesday . The stock traded as low as $16.92 and last traded at $16.92. 3,211 shares were traded during trading, a decline of 97% from the average session volume of 101,936 shares. The stock had previously closed at $18.83.

Analysts Set New Price Targets

Separately, BMO Capital Markets assumed coverage on shares of Nuvalent in a research report on Thursday, June 23rd. They set an “outperform” rating and a $28.00 price objective for the company.

Nuvalent Stock Performance

The company’s 50-day simple moving average is $16.57 and its 200 day simple moving average is $13.31.

Nuvalent (NASDAQ:NUVLGet Rating) last announced its earnings results on Wednesday, August 10th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.05. On average, equities research analysts forecast that Nuvalent, Inc. will post -1.73 EPS for the current fiscal year.

Insider Activity

In other news, insider Darlene Noci sold 16,800 shares of the stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $17.61, for a total value of $295,848.00. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $18.29, for a total value of $36,580.00. Following the transaction, the director now owns 2,162,598 shares of the company’s stock, valued at approximately $39,553,917.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Darlene Noci sold 16,800 shares of the firm’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $17.61, for a total transaction of $295,848.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,386 shares of company stock valued at $428,667. 15.79% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NUVL. Strs Ohio grew its holdings in Nuvalent by 72.0% during the 1st quarter. Strs Ohio now owns 4,300 shares of the company’s stock worth $59,000 after acquiring an additional 1,800 shares in the last quarter. California State Teachers Retirement System grew its holdings in Nuvalent by 35.0% during the 1st quarter. California State Teachers Retirement System now owns 7,811 shares of the company’s stock worth $108,000 after acquiring an additional 2,024 shares in the last quarter. American International Group Inc. grew its holdings in Nuvalent by 59.8% during the 1st quarter. American International Group Inc. now owns 9,098 shares of the company’s stock worth $126,000 after acquiring an additional 3,406 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Nuvalent by 65.6% during the 1st quarter. New York State Common Retirement Fund now owns 12,922 shares of the company’s stock worth $179,000 after acquiring an additional 5,120 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Nuvalent by 196.6% during the 1st quarter. MetLife Investment Management LLC now owns 12,959 shares of the company’s stock worth $180,000 after acquiring an additional 8,590 shares in the last quarter. Hedge funds and other institutional investors own 95.07% of the company’s stock.

Nuvalent Company Profile

(Get Rating)

Nuvalent, Inc, a clinical stage biopharmaceutical company, develops therapies for patients with cancer. Its lead product candidates are NVL-520, a brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; and NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase I/II clinical trial.

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