Nuvalent Inc (NUVL)

Nuvalent Inc Stock (NUVL) dropped by 8.28% from $57.96 to $53.16 in the trading on Tuesday October 17, 2023. The reasons why NUVL stock down today include

• Stock offering: Nuvalent announced the pricing of its previously announced underwritten public offering of 5,357,143 shares of Class A common stock at a price to the public of $56.00 per share. The offering is slated to close this Thursday, Oct. 19.
• Dilution: Dilution is relatively high for Nuvalent's issue, the company has slightly under 51.6 million shares outstanding. Assuming the underwriters exercise their option in full, the stock would be diluted by roughly 12% following the issue.

Nuvalent, Inc. (NUVL) stocks dropped 6.08% after announcing they will present preliminary data from the ALKOVE-1 Phase 1/2 trial of NVL-655 at an October 11-15, 2023 symposium. NVL-655 aims to overcome challenges in treating ALK-positive lung cancer. The company plans a conference call on October 13, 2023.

https://finance.yahoo.com/news/nuvalent-present-preliminary-data-alkove-103000954.html