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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) gapped up before the market opened 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 traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Robert W. Baird assumed coverage on shares of Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price target on the stock. JPMorgan Chase & Co. boosted their price target 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. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, Guggenheim assumed coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Nuvalent Trading Down 1.9 %

The firm’s 50 day moving average is $78.66 and its two-hundred day moving average is $70.56.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, analysts predict that Nuvalent, Inc. will post -2.93 earnings per share for the current year.

Insiders Place Their Bets

In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the completion of the transaction, the director now owns 1,574,698 shares in the company, valued at approximately $103,237,200.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Nuvalent news, Director Andrew A. F. Hack sold 880,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the completion of the transaction, the director now owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $65.56, for a total transaction of $2,458,500.00. Following the transaction, the director now owns 1,574,698 shares of the company’s stock, valued at approximately $103,237,200.88. The disclosure for this sale can be found here. Insiders sold 1,075,000 shares of company stock worth $78,251,375 in the last 90 days. Corporate insiders own 14.77% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Nuvalent by 41.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock valued at $30,000 after buying an additional 187 shares in the last quarter. KBC Group NV acquired a new position in shares of Nuvalent in the 4th quarter valued at $52,000. Compass Wealth Management LLC acquired a new position in shares of Nuvalent in the 4th quarter valued at $63,000. Amundi acquired a new position in shares of Nuvalent in the 4th quarter valued at $34,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock valued at $61,000 after buying an additional 654 shares in the last quarter. 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.