Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $689,278.10 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 8,630 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $79.87, for a total transaction of $689,278.10. Following the completion of the sale, the insider directly owned 63,101 shares of the company's stock, valued at $5,039,876.87. The trade was a 12.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Nuvalent Stock Performance

Nuvalent stock traded down $3.38 during midday trading on Monday, reaching $76.30. The company's stock had a trading volume of 710,424 shares, compared to its average volume of 501,571. The firm has a market capitalization of $5.48 billion, a PE ratio of -17.38 and a beta of 1.34. Nuvalent, Inc. has a fifty-two week low of $55.54 and a fifty-two week high of $113.51. The stock's 50 day simple moving average is $74.85 and its 200 day simple moving average is $76.07.

Nuvalent (NASDAQ:NUVL - Get Free Report) 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 quarter last year, the firm posted ($0.69) EPS. Equities analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Boxer Capital Management LLC acquired a new stake in shares of Nuvalent in the 4th quarter worth approximately $87,689,000. Vestal Point Capital LP purchased a new stake in Nuvalent during the fourth quarter worth $46,968,000. Braidwell LP boosted its position in Nuvalent by 248.6% during the first quarter. Braidwell LP now owns 840,945 shares of the company's stock worth $59,640,000 after purchasing an additional 599,710 shares in the last quarter. Polar Capital Holdings Plc grew its holdings in Nuvalent by 161.2% in the fourth quarter. Polar Capital Holdings Plc now owns 946,723 shares of the company's stock valued at $74,109,000 after purchasing an additional 584,223 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new position in shares of Nuvalent in the first quarter valued at $31,969,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NUVL has been the subject of several analyst reports. Robert W. Baird upped their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday, June 24th. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Friday, March 14th. Leerink Partners lifted their price objective on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Tuesday, June 24th. Finally, HC Wainwright restated a "buy" rating and set a $130.00 price objective (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $119.60.

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.