Nuvalent (NASDAQ:NUVL) Reaches New 12-Month High – Still a Buy?

Nuvalent, Inc. (NASDAQ:NUVL) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $113.02 and last traded at $111.45, with a volume of 427644 shares. The stock had previously closed at $109.04.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NUVL shares. The Goldman Sachs Group upped their target price on Nuvalent from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Canaccord Genuity Group assumed coverage on shares of Nuvalent in a research note on Wednesday, November 12th. They set a “buy” rating and a $126.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Nuvalent from $147.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, December 19th. Barclays set a $152.00 target price on shares of Nuvalent in a report on Monday, November 17th. Finally, Guggenheim lifted their price objective on Nuvalent from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Fifteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $138.33.

Nuvalent Stock Performance

The company has a 50 day moving average of $104.58 and a 200 day moving average of $90.72. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of -21.05 and a beta of 1.32.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.39) by ($0.31). During the same period in the prior year, the business posted ($1.28) EPS. As a group, research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nuvalent news, Director James E. Flynn sold 742,574 shares of Nuvalent stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $95.44, for a total transaction of $70,871,262.56. Following the transaction, the director owned 8,299,225 shares of the company’s stock, valued at $792,078,034. The trade was a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Deborah Ann Miller sold 24,200 shares of Nuvalent stock in a transaction on Monday, November 17th. The shares were sold at an average price of $105.50, for a total transaction of $2,553,100.00. Following the completion of the transaction, the insider directly owned 49,086 shares in the company, valued at $5,178,573. The trade was a 33.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 938,266 shares of company stock worth $90,644,308. 10.20% of the stock is currently owned by company insiders.

Institutional Trading of Nuvalent

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Nuvalent by 47.6% during the fourth quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Nuvalent during the third quarter worth $38,000. Eastern Bank acquired a new stake in shares of Nuvalent during the 3rd quarter worth about $52,000. Persistent Asset Partners Ltd acquired a new position in Nuvalent in the 2nd quarter valued at $88,000. Finally, Farther Finance Advisors LLC lifted its position in Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock worth $93,000 after buying an additional 1,200 shares during the period. 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.