Nuvalent (NASDAQ:NUVL) Hits New 1-Year High – Should You Buy?

Shares of Nuvalent, Inc. (NASDAQ:NUVL) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $123.62 and last traded at $123.5150, with a volume of 339209 shares changing hands. The stock had previously closed at $123.44.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of analyst reports. Guggenheim downgraded Nuvalent from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $151.00 to $124.00 in a research report on Wednesday, June 10th. Sanford C. Bernstein lowered Nuvalent from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $172.00 to $124.00 in a report on Wednesday. Canaccord Genuity Group lowered shares of Nuvalent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvalent in a research report on Tuesday, April 21st. Finally, Truist Financial downgraded shares of Nuvalent from a “buy” rating to a “hold” rating and reduced their target price for the stock from $140.00 to $124.00 in a research note on Tuesday, June 9th. Four research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $127.73.

Nuvalent Stock Up 0.0%

The stock’s 50-day simple moving average is $106.91 and its 200 day simple moving average is $104.16. The company has a market cap of $9.76 billion, a price-to-earnings ratio of -20.38 and a beta of 1.15.

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

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $88.53, for a total value of $2,655,900.00. Following the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at $28,761,537.87. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $98.69, for a total value of $1,128,026.70. Following the transaction, the chief financial officer owned 85,533 shares of the company’s stock, valued at approximately $8,441,251.77. This represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 126,953 shares of company stock worth $12,612,264 over the last quarter. Company insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors have recently bought and sold shares of NUVL. Bank of America Corp DE lifted its position in shares of Nuvalent by 20.0% during the first quarter. Bank of America Corp DE now owns 216,516 shares of the company’s stock worth $22,182,000 after purchasing an additional 36,147 shares in the last quarter. Tri Locum Partners LP increased its stake in Nuvalent by 0.4% during the 1st quarter. Tri Locum Partners LP now owns 308,506 shares of the company’s stock worth $31,606,000 after buying an additional 1,135 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Nuvalent by 141.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 333 shares of the company’s stock worth $34,000 after buying an additional 195 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Nuvalent by 29.7% during the 1st quarter. California State Teachers Retirement System now owns 49,670 shares of the company’s stock worth $5,089,000 after buying an additional 11,386 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in Nuvalent by 1,537.9% in the 1st quarter. Royal Bank of Canada now owns 23,569 shares of the company’s stock valued at $2,414,000 after buying an additional 22,130 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.