Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 200 Shares

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 200 shares of Nuvalent stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $79.82, for a total transaction of $15,964.00. Following the completion of the sale, the insider now directly owns 63,101 shares of the company's stock, valued at $5,036,721.82. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Nuvalent Trading Up 0.4%

Shares of NASDAQ:NUVL traded up $0.33 during trading on Friday, hitting $78.24. 364,260 shares of the company's stock were exchanged, compared to its average volume of 491,701. The firm has a 50-day moving average price of $72.76 and a two-hundred day moving average price of $77.57. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The firm has a market cap of $5.62 billion, a P/E ratio of -22.55 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the company earned ($0.69) EPS. As a group, research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC lifted its holdings in shares of Nuvalent by 10.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,654 shares of the company's stock worth $117,000 after acquiring an additional 161 shares during the period. Summit Investment Advisors Inc. increased its holdings in Nuvalent by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,676 shares of the company's stock valued at $288,000 after purchasing an additional 167 shares during the period. Parkman Healthcare Partners LLC raised its position in shares of Nuvalent by 0.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 23,588 shares of the company's stock worth $1,846,000 after acquiring an additional 188 shares during the last quarter. GF Fund Management CO. LTD. lifted its position in shares of Nuvalent by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,680 shares of the company's stock worth $119,000 after purchasing an additional 302 shares during the period. Finally, Commonwealth Equity Services LLC boosted its position in Nuvalent by 13.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after acquiring an additional 309 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a research note on Monday, March 3rd. UBS Group upgraded shares of 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. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $115.50.

About Nuvalent

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.