Why Nuvalent (NUVL) Shares Are Down 6% Today

Nuvalent Inc NUVL shares are trading lower by 6.56% to $104.81 during Tuesday’s session after the company priced a $500 million upsized public offering of 5 million common shares at $100 per share.

Nuvalent says the offering is expected to close on September 18, pending the satisfaction of customary closing conditions. Gross proceeds of approximately $500 million are expected for the company, before expenses.

Read Also: Nuvalent Stock Jumps On ESMO Data Presentation

Additionally, the underwriters have been granted a 30-day option to purchase up to 750,000 additional shares of Class A common stock at the same public offering price, minus underwriting discounts and commissions.

J.P. Morgan, TD Cowen, Jefferies and Stifel are acting as joint book-running managers for the offering.

Read Also: 13 ETFs To Own As Fed Set To Cut Rates: Analysts Highlight Utilities, Real Estate, And More

Should I Sell My NUVL Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Nuvalent have increased by 138.18% in the past year. An investor who bought shares of Nuvalent at the beginning of the year would make a profit of $28.82 per share if they sold it today. The stock has risen 40.12% over the past month, meaning an investor who bought shares on Aug. 1 would see a capital gain of $31.76.

Nuvalent shares have an all-time high of $112.17, representing 6.91% upside from current levels.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

According to data from Benzinga Pro, NUVL has a 52-week high of $113.51 and a 52-week low of $39.93.