Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $173,426.40 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 2,170 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $79.92, for a total transaction of $173,426.40. Following the completion of the transaction, the insider directly owned 63,101 shares in the company, valued at $5,043,031.92. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Nuvalent Trading Down 4.2%

Shares of NUVL stock traded down $3.38 during mid-day trading on Monday, reaching $76.30. The stock had a trading volume of 710,424 shares, compared to its average volume of 501,571. The company has a market cap of $5.48 billion, a P/E ratio of -17.38 and a beta of 1.34. Nuvalent, Inc. has a 12-month low of $55.54 and a 12-month high of $113.51. The business has a 50-day simple moving average of $74.85 and a 200 day simple moving average of $76.07.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same quarter in the previous year, the business earned ($0.69) EPS. Research analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on NUVL shares. UBS Group raised shares of Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Friday, March 14th. Robert W. Baird raised their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Wedbush reiterated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a research report on Tuesday, June 24th. Leerink Partners increased their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Finally, HC Wainwright restated a "buy" rating and issued a $130.00 price target (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Nuvalent presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.60.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC lifted its stake in Nuvalent by 6.6% in the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock valued at $8,532,000 after buying an additional 7,414 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Nuvalent by 5.1% in the first quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after acquiring an additional 2,572 shares during the last quarter. Strs Ohio purchased a new stake in shares of Nuvalent in the first quarter valued at $404,000. Intech Investment Management LLC boosted its stake in shares of Nuvalent by 28.7% during the first quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after acquiring an additional 4,293 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Nuvalent by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 149,941 shares of the company's stock valued at $10,634,000 after acquiring an additional 12,123 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

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.