Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Nuvalent Inc shares valued at $2,566,479 were sold by Shair Matthew on Apr 08 ’24. At $68.44 per share, Shair Matthew sold 37,500 shares. The insider’s holdings dropped to 1,612,198 shares worth approximately $107.9 million following the completion of this transaction.
Also, Miller Deborah Ann sold 3,000 shares, netting a total of over 220,787 in proceeds. Following the sale of shares at $73.60 each, the insider now holds 33,300 shares.
Before that, Shair Matthew had sold 37,500 shares from its account. In a trade valued at $2,884,337, the Director traded Nuvalent Inc shares for $76.92 each. Upon closing the transaction, the insider’s holdings decreased to 37,500 shares, worth approximately $110.41 million.
As published in a research note from Leerink Partners on April 01, 2024, Nuvalent Inc [NUVL] has been rated up from a Market perform to an Outperform and the price target has been revised to $110 from $69. As of February 23, 2024, Robert W. Baird has initiated its “an Outperform” rating for NUVL. Earlier on September 27, 2023, Stifel initiated its rating. Their recommendation was “a Buy” for NUVL stock.
Analyzing NUVL Stock Performance
During the last five days, there has been a drop of approximately -9.55%. Over the course of the year, Nuvalent Inc shares have dropped approximately -9.05%. Shares of the company reached a 52-week high of $89.39 on 03/13/24 and a 52-week low of $65.76 on 04/10/24. A 50-day SMA is recorded $80.06, while a 200-day SMA reached $61.67. Nevertheless, trading volume fell to 1.02 million shares from 1.27 million shares the previous day.
Support And Resistance Levels for Nuvalent Inc (NUVL)
According to the 24-hour chart, there is a support level at 65.23, which, if violated, would cause prices to drop to 63.52. In the upper region, resistance lies at 69.17. The next price resistance is at 71.40. RSI (Relative Strength Index) is 30.94 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.33, which suggests the price will decrease in the coming days. Percent R is at 92.42%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Nuvalent Inc subject to short interest?
Stocks of Nuvalent Inc saw a sharp steep in short interest on Mar 28, 2024 dropping by 80000.0 shares to 6.46 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 6.54 million shares. A decline of -1.24% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 14.39 of the overall float, the days-to-cover ratio (short ratio) decline to 14.39.
