Nuvalent (NASDAQ:NUVL) Trading 10.5% Higher

Shares of Nuvalent, Inc. (NASDAQ:NUVLGet Rating) traded up 10.5% during mid-day trading on Tuesday . The stock traded as high as $11.22 and last traded at $11.07. 7,655 shares were traded during mid-day trading, a decline of 96% from the average session volume of 195,577 shares. The stock had previously closed at $10.02.

The firm has a market capitalization of $534.79 million and a P/E ratio of -2.59. The firm has a 50 day moving average of $9.76 and a 200-day moving average of $13.61.

Nuvalent (NASDAQ:NUVLGet Rating) last issued its quarterly earnings results on Thursday, May 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.04. Equities analysts expect that Nuvalent, Inc. will post -1.87 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the stock. Citigroup Inc. bought a new stake in Nuvalent during the third quarter worth $28,000. Royal Bank of Canada bought a new stake in Nuvalent during the third quarter worth $29,000. Strs Ohio lifted its stake in Nuvalent by 72.0% during the first quarter. Strs Ohio now owns 4,300 shares of the company’s stock worth $59,000 after purchasing an additional 1,800 shares during the last quarter. Metropolitan Life Insurance Co NY bought a new stake in Nuvalent during the third quarter worth $75,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Nuvalent during the fourth quarter worth $88,000.

About Nuvalent (NASDAQ:NUVL)

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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