Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 8,630 Shares

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 8,630 shares of Nuvalent stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total value of $689,278.10. Following the sale, the insider now directly owns 63,101 shares in the company, valued at approximately $5,039,876.87. The trade was a 12.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Nuvalent Trading Up 0.7%

NASDAQ NUVL opened at $79.68 on Friday. Nuvalent, Inc. has a 12 month low of $55.54 and a 12 month high of $113.51. The stock’s fifty day moving average price is $74.73 and its 200-day moving average price is $76.33. The stock has a market cap of $5.72 billion, a P/E ratio of -18.15 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.04). During the same period in the prior year, the company posted ($0.69) EPS. As a group, analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NUVL shares. Leerink Partners increased their target price on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group upgraded Nuvalent from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Friday, March 14th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a research report on Tuesday. Robert W. Baird boosted their target price on shares of Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.60.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NUVL. Crowley Wealth Management Inc. bought a new stake in shares of Nuvalent during the fourth quarter valued at approximately $27,000. CWM LLC increased its holdings in shares of Nuvalent by 588.5% in the 1st quarter. CWM LLC now owns 420 shares of the company’s stock worth $30,000 after purchasing an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new stake in shares of Nuvalent in the 1st quarter worth $38,000. Quarry LP purchased a new position in shares of Nuvalent in the fourth quarter worth $39,000. Finally, Covestor Ltd lifted its holdings in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after purchasing an additional 861 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

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.