Shares of Nuvalent, Inc. (NASDAQ:NUVL – Get Rating) traded up 11.4% during mid-day trading on Thursday . The stock traded as high as $15.89 and last traded at $15.86. 4,961 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 170,004 shares. The stock had previously closed at $14.24.
Analyst Upgrades and Downgrades
Separately, BMO Capital Markets started coverage on shares of Nuvalent in a research note on Thursday, June 23rd. They set an “outperform” rating and a $28.00 target price on the stock.
Nuvalent Price Performance
The stock’s 50-day simple moving average is $13.46 and its two-hundred day simple moving average is $13.03. The firm has a market capitalization of $777.31 million and a P/E ratio of -3.76.
Insider Buying and Selling
In related news, insider Darlene Noci sold 3,782 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $17.29, for a total value of $65,390.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Darlene Noci sold 3,782 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $17.29, for a total value of $65,390.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $18.29, for a total transaction of $36,580.00. Following the completion of the sale, the director now directly owns 2,162,598 shares in the company, valued at approximately $39,553,917.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,782 shares of company stock worth $401,351.
Institutional Trading of Nuvalent
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Nuvalent by 115.6% in the first quarter. Vanguard Group Inc. now owns 1,637,507 shares of the company’s stock worth $22,745,000 after buying an additional 877,835 shares in the last quarter. Fairmount Funds Management LLC boosted its position in Nuvalent by 46.3% during the first quarter. Fairmount Funds Management LLC now owns 1,338,393 shares of the company’s stock valued at $18,590,000 after purchasing an additional 423,779 shares in the last quarter. BlackRock Inc. grew its stake in Nuvalent by 30.2% in the first quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock valued at $17,466,000 after purchasing an additional 291,821 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Nuvalent by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company’s stock worth $6,147,000 after purchasing an additional 50,930 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Nuvalent by 34.4% in the 1st quarter. State Street Corp now owns 226,439 shares of the company’s stock valued at $3,145,000 after buying an additional 57,986 shares in the last quarter.
Nuvalent, Inc, a clinical stage biopharmaceutical company, develops therapies for patients with cancer. Its lead product candidates are NVL-520, a brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; and NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase I/II clinical trial.
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