Henry E. Pelish Sells 32,795 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 32,795 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $3,294,036. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Nuvalent Stock Up 0.6 %

NUVL stock opened at $103.25 on Friday. The company has a market capitalization of $6.67 billion, a P/E ratio of -42.84 and a beta of 1.28. The company has a 50-day simple moving average of $81.25 and a 200 day simple moving average of $76.16. Nuvalent, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period last year, the business earned ($0.51) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -3.55 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Institutional investors have recently bought and sold shares of the stock. Quest Partners LLC bought a new position in shares of Nuvalent during the 2nd quarter valued at about $44,000. Amalgamated Bank boosted its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent in the first quarter worth approximately $121,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC bought a new position in shares of Nuvalent in the first quarter valued at $202,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on NUVL. Wedbush boosted their target price on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday. BMO Capital Markets upped their price target on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and an average target price of $111.00.

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.