Nuvalent (NASDAQ:NUVL) Insider Sells $208,702.74 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry Pelish sold 2,433 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $85.78, for a total value of $208,702.74. Following the completion of the sale, the insider directly owned 65,963 shares in the company, valued at approximately $5,658,306.14. This represents a 3.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nuvalent Stock Performance

Shares of Nuvalent stock opened at $92.52 on Friday. The business’s 50 day simple moving average is $80.32 and its 200 day simple moving average is $76.93. Nuvalent, Inc. has a 52-week low of $55.53 and a 52-week high of $104.81. The firm has a market cap of $6.67 billion, a PE ratio of -18.88 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period in the previous year, the business earned ($0.88) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research report on Wednesday, October 8th. Leerink Partners boosted their price target on Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 24th. Stifel Nicolaus initiated coverage on Nuvalent in a research report on Thursday. They set a “buy” rating and a $115.00 price target on the stock. Finally, The Goldman Sachs Group raised Nuvalent to a “strong-buy” rating in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus price target of $120.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC increased its holdings in shares of Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company’s stock worth $8,532,000 after acquiring an additional 7,414 shares during the last quarter. GAMMA Investing LLC boosted its stake in Nuvalent by 5,549.7% in the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company’s stock valued at $709,000 after purchasing an additional 9,823 shares during the period. Voleon Capital Management LP bought a new stake in Nuvalent in the 1st quarter valued at $1,489,000. Strs Ohio bought a new stake in Nuvalent in the 1st quarter valued at $404,000. Finally, New York State Common Retirement Fund boosted its stake in Nuvalent by 23.4% in the 1st quarter. New York State Common Retirement Fund now owns 20,936 shares of the company’s stock valued at $1,485,000 after purchasing an additional 3,965 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.