Nuvalent (NASDAQ:NUVL) Shares Down 2% Following Insider Selling

Shares of Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) were down 2% during trading on Thursday following insider selling activity. The stock traded as low as $73.75 and last traded at $75.11. Approximately 49,962 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 368,656 shares. The stock had previously closed at $76.64.

Specifically, Director Matthew Shair sold 37,500 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the sale, the director now owns 1,687,198 shares of the company's stock, valued at approximately $129,526,190.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Matthew Shair sold 37,500 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now directly owns 1,687,198 shares in the company, valued at $129,526,190.46. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Darlene Noci sold 20,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the sale, the insider now owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. Corporate insiders own 14.77% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on NUVL shares. JPMorgan Chase & Co. raised their price objective on Nuvalent from $68.00 to $98.00 and gave the company an "overweight" rating in a research report on Wednesday, March 6th. Wedbush reissued an "outperform" rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. BMO Capital Markets raised their target price on shares of Nuvalent from $93.00 to $102.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 28th. Leerink Partnrs reissued a "market perform" rating on shares of Nuvalent in a report on Thursday, February 22nd. Finally, Robert W. Baird started coverage on Nuvalent in a report on Friday, February 23rd. They set an "outperform" rating and a $105.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $81.50.

Nuvalent Stock Performance

The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of -34.76 and a beta of 1.36. The firm has a fifty day moving average price of $81.12 and a 200-day moving average price of $68.07.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, sell-side analysts forecast that Nuvalent, Inc. will post -2.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVL. Tower Research Capital LLC TRC raised its holdings in shares of Nuvalent by 41.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company's stock worth $30,000 after buying an additional 187 shares in the last quarter. Amundi bought a new position in shares of Nuvalent in the fourth quarter worth about $34,000. KBC Group NV acquired a new stake in shares of Nuvalent in the 4th quarter valued at approximately $52,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Nuvalent by 97.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company's stock valued at $61,000 after purchasing an additional 654 shares during the last quarter. Finally, Compass Wealth Management LLC acquired a new position in Nuvalent during the 4th quarter worth approximately $63,000. 97.26% of the stock is currently owned by institutional investors.

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.