Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells 2,170 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 2,170 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $79.92, for a total transaction of $173,426.40. Following the transaction, the insider now owns 63,101 shares of the company's stock, valued at $5,043,031.92. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Nuvalent Stock Up 0.7%

Shares of NASDAQ NUVL traded up $0.55 during mid-day trading on Friday, hitting $79.68. 2,067,676 shares of the company were exchanged, compared to its average volume of 503,010. The stock has a 50 day simple moving average of $74.57 and a 200-day simple moving average of $76.43. 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 $5.72 billion, a price-to-earnings ratio of -18.15 and a beta of 1.34.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced 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 period in the prior year, the firm posted ($0.69) EPS. Analysts anticipate that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. acquired a new stake in shares of Nuvalent in the 4th quarter valued at approximately $27,000. CWM LLC grew its holdings in Nuvalent by 588.5% during the first quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after acquiring an additional 359 shares during the period. Quarry LP purchased a new position in Nuvalent in the fourth quarter worth $39,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent during the 1st quarter worth $38,000. Finally, Covestor Ltd increased its holdings in shares of Nuvalent by 705.7% in the 1st 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 and hedge funds own 97.26% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on NUVL. UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Friday, March 14th. Leerink Partners boosted their target price on Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday. Robert W. Baird increased their price objective on Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a report on Wednesday. Wedbush reaffirmed an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday. Finally, HC Wainwright reiterated a "buy" rating and issued a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.

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