Nuvalent (NASDAQ:NUVL) Reaches New 1-Year High – Time to Buy?

Nuvalent, Inc. (NASDAQ:NUVL)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $123.97 and last traded at $123.94, with a volume of 2457178 shares trading hands. The stock had previously closed at $123.90.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NUVL shares. HC Wainwright downgraded shares of Nuvalent from a “buy” rating to a “neutral” rating and set a $124.00 price objective for the company. in a report on Tuesday, June 9th. Raymond James Financial lowered shares of Nuvalent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 9th. Robert W. Baird set a $122.85 price target on shares of Nuvalent in a report on Tuesday, June 9th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $124.00 price objective (up from $116.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Finally, Leerink Partners set a $165.00 price objective on Nuvalent in a research report on Wednesday, June 3rd. Four equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Hold” and a consensus price target of $127.73.

Nuvalent Price Performance

The business has a 50 day moving average of $113.04 and a 200 day moving average of $106.26. The firm has a market capitalization of $9.79 billion, a price-to-earnings ratio of -20.46 and a beta of 1.14.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04). During the same period in the previous year, the business posted ($1.18) EPS. On average, sell-side analysts forecast that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Insider Buying and Selling at Nuvalent

In other news, insider Deborah Ann Miller sold 5,500 shares of Nuvalent stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $107.84, for a total transaction of $593,120.00. Following the sale, the insider directly owned 59,634 shares in the company, valued at approximately $6,430,930.56. The trade was a 8.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Richard Porter sold 30,000 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $101.69, for a total transaction of $3,050,700.00. Following the completion of the sale, the chief executive officer directly owned 324,879 shares in the company, valued at approximately $33,036,945.51. The trade was a 8.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 125,971 shares of company stock valued at $13,358,939 over the last quarter. 5.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in Nuvalent by 64.8% in the first quarter. AQR Capital Management LLC now owns 9,874 shares of the company’s stock valued at $700,000 after acquiring an additional 3,881 shares during the period. Goldman Sachs Group Inc. raised its stake in Nuvalent by 54.4% during the first quarter. Goldman Sachs Group Inc. now owns 453,620 shares of the company’s stock worth $32,171,000 after acquiring an additional 159,873 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Nuvalent by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company’s stock valued at $10,634,000 after acquiring an additional 12,123 shares during the period. Intech Investment Management LLC boosted its stake in shares of Nuvalent by 28.7% in the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company’s stock valued at $1,366,000 after purchasing an additional 4,293 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new stake in shares of Nuvalent in the 2nd quarter valued at $412,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Company Profile

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.