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

Shares of Nuvalent, Inc. (NASDAQ:NUVL) reached a new 52-week high on Thursday . The company traded as high as $123.70 and last traded at $123.72, with a volume of 671584 shares. The stock had previously closed at $123.60.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NUVL. Sanford C. Bernstein cut Nuvalent from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $172.00 to $124.00 in a research note on Wednesday, June 24th. Guggenheim cut Nuvalent from a “buy” rating to a “neutral” rating and cut their target price for the stock from $151.00 to $124.00 in a report on Wednesday, June 10th. Lifesci Capital downgraded shares of Nuvalent from an “outperform” rating to a “hold” rating and set a $124.00 price target for the company. in a research report on Tuesday, June 9th. Cantor Fitzgerald lowered shares of Nuvalent from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 9th. Finally, Raymond James Financial downgraded shares of Nuvalent from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 9th. Four 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $127.73.

Nuvalent Price Performance

The company has a market cap of $9.77 billion, a P/E ratio of -20.41 and a beta of 1.14. The stock has a fifty day moving average price of $109.07 and a two-hundred day moving average price of $104.87.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period last year, the company posted ($1.18) earnings per share. Equities analysts predict that Nuvalent, Inc. will post -5.74 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Henry E. Pelish sold 3,093 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the completion of the sale, the insider owned 65,604 shares in the company, valued at $6,854,305.92. This represents a 4.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Richard Porter sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $88.53, for a total transaction of $2,655,900.00. Following the completion of the sale, the chief executive officer owned 324,879 shares of the company’s stock, valued at approximately $28,761,537.87. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 115,523 shares of company stock worth $11,409,713. 5.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of NUVL. Vanguard Group Inc. increased its position in shares of Nuvalent by 13.9% during the fourth quarter. Vanguard Group Inc. now owns 5,244,271 shares of the company’s stock valued at $527,521,000 after acquiring an additional 639,264 shares during the last quarter. Wellington Management Group LLP grew its stake in Nuvalent by 7.0% in the 4th quarter. Wellington Management Group LLP now owns 2,461,823 shares of the company’s stock valued at $247,635,000 after purchasing an additional 160,958 shares during the period. JPMorgan Chase & Co. increased its position in shares of Nuvalent by 32.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after purchasing an additional 545,542 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Nuvalent by 18.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,146,938 shares of the company’s stock valued at $215,962,000 after purchasing an additional 336,518 shares during the last quarter. Finally, RA Capital Management L.P. raised its stake in shares of Nuvalent by 50.8% during the 4th quarter. RA Capital Management L.P. now owns 1,880,057 shares of the company’s stock worth $189,115,000 after purchasing an additional 633,601 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

About Nuvalent

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.