Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 5,500 Shares

Key Points

• Insider Henry E. Pelish sold 5,500 shares of Nuvalent stock at an average price of $74.85, totaling a value of $411,675, which reduced his position by 8.28%.
• Nuvalent's stock recently traded at $74.11, showing signs of volatility with a one-year low of $55.53 and high of $113.51, alongside a current market cap of $5.32 billion.
• Financial analysts have set a consensus price target for Nuvalent at $119.60, with most recommending a "Buy" rating, while several analysts recently raised their price targets significantly.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 5,500 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $74.85, for a total value of $411,675.00. Following the sale, the insider owned 60,956 shares of the company's stock, valued at $4,562,556.60. The trade was a 8.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Nuvalent Stock Up 1.8%

Shares of NUVL stock traded up $1.42 during mid-day trading on Wednesday, reaching $78.03. The stock had a trading volume of 39,964 shares, compared to its average volume of 544,933. The firm's 50 day simple moving average is $78.91 and its 200 day simple moving average is $76.08. Nuvalent, Inc. has a one year low of $55.53 and a one year high of $113.51. The firm has a market cap of $5.60 billion, a PE ratio of -15.88 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.31) EPS for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same period in the prior year, the company posted ($0.88) earnings per share. Sell-side analysts forecast that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUVL has been the subject of several recent analyst reports. Wedbush reiterated an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a research note on Monday, July 21st. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Leerink Partners upped their price target on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Robert W. Baird upped their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright restated a "buy" rating and set a $130.00 target price (up previously from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $119.60.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Paradigm Biocapital Advisors LP increased its holdings in Nuvalent by 7.3% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock valued at $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Nuvalent by 11.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,602 shares of the company's stock valued at $102,878,000 after acquiring an additional 152,692 shares during the period. Wellington Management Group LLP boosted its holdings in Nuvalent by 12.3% in the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock valued at $102,294,000 after acquiring an additional 157,809 shares during the last quarter. Woodline Partners LP boosted its holdings in Nuvalent by 0.9% in the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after acquiring an additional 11,248 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new position in Nuvalent in the fourth quarter valued at about $87,689,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.