Nuvalent (NASDAQ:NUVL) Stock Price Up 6.2% - Time to Buy?
Nuvalent (NASDAQ:NUVL) shares rose 6.2% to $75.83, with a trading volume decline of 68%. UBS upgraded the stock to "buy" with a $100 target, while HC Wainwright also maintained a "buy" rating with a $110 target. Analysts rate it a "Moderate Buy" with an average target of $115.50. The company reported a quarterly EPS of -$1.18, missing estimates. CEO James Porter sold 27,000 shares, reducing his stake. Institutional investors hold 97.26% of the stock. Nuvalent focuses on developing cancer therapies, with key products in clinical trials.
Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report)'s share price shot up 6.2% during trading on Thursday . The company traded as high as $75.09 and last traded at $75.83. 158,864 shares changed hands during trading, a decline of 68% from the average session volume of 490,253 shares. The stock had previously closed at $71.43.
Analyst Ratings Changes
NUVL has been the subject of several research reports. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. HC Wainwright restated a "buy" rating and set a $110.00 price objective on shares of Nuvalent in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $115.50.
Get Our Latest Stock Analysis on Nuvalent
Nuvalent Price Performance
The company's 50 day simple moving average is $71.06 and its two-hundred day simple moving average is $78.79. The company has a market cap of $5.34 billion, a PE ratio of -21.43 and a beta of 1.42.
Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the business earned ($0.69) EPS. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.
Insider Transactions at Nuvalent
In other news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $68.94, for a total transaction of $1,861,380.00. Following the completion of the sale, the chief executive officer now directly owns 249,062 shares in the company, valued at $17,170,334.28. The trade was a 9.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.52% of the company's stock.
Institutional Investors Weigh In On Nuvalent
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after buying an additional 40,754 shares during the last quarter. KBC Group NV lifted its holdings in shares of Nuvalent by 61.1% during the fourth quarter. KBC Group NV now owns 1,587 shares of the company's stock worth $124,000 after buying an additional 602 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Nuvalent during the fourth quarter worth approximately $10,487,000. Rhumbline Advisers lifted its holdings in shares of Nuvalent by 3.9% during the fourth quarter. Rhumbline Advisers now owns 50,454 shares of the company's stock worth $3,950,000 after buying an additional 1,896 shares during the last quarter. Finally, Candriam S.C.A. lifted its holdings in shares of Nuvalent by 15.6% during the fourth quarter. Candriam S.C.A. now owns 368,095 shares of the company's stock worth $28,814,000 after buying an additional 49,728 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.
About Nuvalent
(Get Free Report)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.
Read More
- Five stocks we like better than Nuvalent
- What is the Nikkei 225 index?
- 3 Different Ways to Add Gold to Your Portfolio
- How to Use the MarketBeat Stock Screener
- Coca-Cola Stock Has Momentum, PepsiCo May Be the Better Buy
- Using the MarketBeat Dividend Yield Calculator
- Intel's Loss Is Broadcom's Gain as AVGO Dominates Networking
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Nuvalent Right Now?
Before you consider Nuvalent, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nuvalent wasn't on the list.
While Nuvalent currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
