Deerfield Management Co. LP has recently announced that it has increased stake in Nuvalent Inc. (NASDAQ:NUVL) by 3.36%. After grabbing 19.99 million shares, the institutional investor is now in possession of 0.65 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 39.19% having worth around $595.33 million. Moreover, Fidelity Management & Research Co increased its share by 15009.0 to have a control over 6.45 million shares. And Fairmount Funds Management LLC raised its holdings to 0.53 million shares by acquiring 2.61 million shares or 5.11% of the stake.
Nuvalent Inc. (NUVL) concluded trading on 01/18/23 at a closing price of $32.99, with 0.3 million shares of worth about $9.91 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 90.80% during that period and on Wednesday the price saw a loss of about -0.93%. Currently the company’s common shares owned by public are about 48.41M shares, out of which, 46.43M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 5 analysts are covering the NUVL stock and their offered price forecasts bring an average price target of $42.50. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $52.00 and could fall to a lowest price of $37.00. The stock’s current price level is 24.46% above of average price target set by the analysts, while a rise to estimated low would result in gain of 10.84% for the stock. However, touching the estimated high of $52.00 would mean a gain of 36.56% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 53 times over the past 12 months. They bought 867,734 shares in 16 of the transactions. In 37 selling transactions, insiders dumped 255,668 shares.
Fidelity Growth Company Fund, Vanguard Total Stock Market Index, and Fidelity Advisor Series VII – Bio are the top 3 mutual funds which are holding stakes in Nuvalent Inc. Fidelity Growth Company Fund is currently holding 1.45 million shares of worth totaling $43.2 million. The company recently came buying 0.12 million shares which brought its stake up to 2.84% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 0.24 million shares, after which its hold over company’s outstanding shares expand to 1.61%, leaving 0.82 million shares with the mutual fund that have a worth of about $24.5 million. Fidelity Advisor Series VII – Bio, after buying 0.74 million shares, have now control over 1.44% of the stake in the company. It holds 7300.0 shares of worth $21.9 million.
Nuvalent Inc. (NASDAQ: NUVL) started trading at $34.66, above $1.36 from concluding price of the previous day. However, the stock later moved at a day high price of 35.38, or with a loss of -0.93%. Stock saw a price change of 23.23% in past 5 days and over the past one month there was a price change of 10.97%. Year-to-date (YTD), NUVL shares are showing a performance of 10.78% which increased to 159.76% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $7.09 but also hit the highest price of $40.43 during that period. The average intraday trading volume for Nuvalent Inc. shares is 389.77K. The stock is currently trading 13.06% above its 20-day simple moving average (SMA20), while that difference is up 7.39% for SMA50 and it goes to 74.02% higher than SMA200.
Deerfield Management Co. LP acquired 19.99 million shares of Nuvalent Inc. having value of about $595.33 million. Data submitted at the U.S SEC by Deerfield Management Co. LP revealed that the firm now holds 0.65 million shares in the company valued at close to $21443500.0, or have control over 3.36% stake in the company. Nuvalent Inc. (NASDAQ: NUVL) currently have 48.41M outstanding shares and institutions hold larger chunk of about 89.20% of that. Holding of mutual funds in the company is about 58.43% while other institutional holders and individual stake holders have control over 91.10% and 23.54% of the stake respectively.
The stock has a current market capitalization of $1.84B. It has posted earnings per share of -$1.51 in the same period. It has Quick Ratio of 18.90 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for NUVL, volatility over the week remained 9.49% while standing at 7.07% over the month.
Analysts are in expectations that Nuvalent Inc. (NUVL) stock would likely to be making an EPS of -$0.44 in the current quarter, while forecast for next quarter EPS is -$0.48 and it is -$2.25 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.51 which is -$0.4 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.39 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -584.20% while it is estimated to decrease by -30.10% in next year.
Analysts at 5 brokerage firms have issued recommendations for the Nuvalent Inc. (NUVL)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 5 Wall Street analysts, 5 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wedbush on January 18, 2023 offering an Outperform rating for the stock and assigned a target price of $39 to it. Coverage by BMO Capital Markets stated Nuvalent Inc. (NUVL) stock as an Outperform in their note to investors on June 24, 2022, suggesting a price target of $28 for the stock.