Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $197,845.44 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 2,483 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the transaction, the insider now owns 59,981 shares of the company’s stock, valued at approximately $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Nuvalent Trading Down 2.3 %

Shares of Nuvalent stock opened at $78.25 on Thursday. The firm’s 50 day moving average is $88.63 and its 200 day moving average is $87.34. The firm has a market capitalization of $5.56 billion, a PE ratio of -22.55 and a beta of 1.38. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the company earned ($0.59) EPS. As a group, research analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on NUVL. UBS Group started coverage on shares of Nuvalent in a report on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. HC Wainwright assumed coverage on Nuvalent in a research note on Monday, December 30th. They issued a “buy” rating and a $110.00 price target for the company. Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $112.36.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently bought and sold shares of NUVL. Bank of New York Mellon Corp boosted its position in Nuvalent by 23.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock worth $10,460,000 after buying an additional 25,966 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after acquiring an additional 1,686 shares during the last quarter. Rhumbline Advisers increased its position in Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock valued at $3,536,000 after purchasing an additional 7,420 shares during the period. Arizona State Retirement System raised its holdings in Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Nuvalent in the 2nd quarter worth approximately $44,000. 97.26% of the stock is currently owned by institutional investors.

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.