Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $206,340.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Deborah Ann Miller sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,290,374. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Deborah Ann Miller also recently made the following trade(s):

• On Friday, July 12th, Deborah Ann Miller sold 6,000 shares of Nuvalent stock. The shares were sold at an average price of $80.16, for a total transaction of $480,960.00.
• On Monday, July 8th, Deborah Ann Miller sold 3,000 shares of Nuvalent stock. The stock was sold at an average price of $73.23, for a total transaction of $219,690.00.

Nuvalent Stock Performance

NASDAQ NUVL opened at $69.99 on Monday. The stock has a 50 day moving average price of $76.86 and a 200-day moving average price of $75.63. Nuvalent, Inc. has a one year low of $39.86 and a one year high of $89.39. The company has a market capitalization of $4.52 billion, a P/E ratio of -29.04 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter last year, the company posted ($0.51) EPS. As a group, equities analysts predict that Nuvalent, Inc. will post -3.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in shares of Nuvalent by 1.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares during the last quarter. Amalgamated Bank boosted its stake in Nuvalent by 8.1% during the fourth quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after buying an additional 285 shares during the period. Swiss National Bank increased its position in Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after acquiring an additional 400 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Nuvalent in the second quarter valued at $44,000. 97.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on NUVL shares. Stifel Nicolaus boosted their price objective on Nuvalent from $103.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Jefferies Financial Group assumed coverage on Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price target on the stock. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, Wedbush reiterated an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research report on Thursday. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nuvalent has a consensus rating of “Buy” and an average target price of $103.13.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.