Nuvalent Inc (NASDAQ:NUVL) Short Interest Up 104.0% in August

Nuvalent Inc (NASDAQ:NUVL) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 757,900 shares, a growth of 104.0% from the August 15th total of 371,600 shares. Based on an average daily trading volume, of 249,800 shares, the days-to-cover ratio is currently 3.0 days. Currently, 2.1% of the shares of the company are sold short.

Nuvalent stock opened at $37.55 on Friday. Nuvalent has a one year low of $17.00 and a one year high of $40.82.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Wednesday, September 8th. The company reported ($3.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($2.97). On average, sell-side analysts anticipate that Nuvalent will post -1.25 earnings per share for the current fiscal year.

A number of research firms have issued reports on NUVL. Piper Sandler initiated coverage on Nuvalent in a report on Monday, August 23rd. They issued an “overweight” rating and a $40.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on Nuvalent in a research report on Monday, August 23rd. They set an “overweight” rating and a $34.00 target price for the company. Finally, Cowen initiated coverage on Nuvalent in a research report on Monday, August 23rd. They set an “outperform” rating for the company.

Nuvalent Company Profile

Nuvalent Inc is a biopharmaceutical company. It focused on creating precisely targeted therapies for clinically proven kinase targets in cancer. The company’s program pipeline includes ROS1-positive and ALK-positive NSCLC. Nuvalent Inc is based in CAMBRIDGE, Mass.

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