Nuvalent (NASDAQ:NUVL) Shares Down 3.2% After Insider Selling

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) shares traded down 3.2% on Monday following insider selling activity. The stock traded as low as $67.52 and last traded at $67.98. 85,692 shares were traded during trading, a decline of 78% from the average session volume of 388,170 shares. The stock had previously closed at $70.20.

Specifically, 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 transaction, the insider now owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 sale, the insider now directly owns 33,300 shares of the company's stock, valued at approximately $2,581,083. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,000,000 shares of company stock valued at $73,226,375. Insiders own 14.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Robert W. Baird assumed coverage on shares of Nuvalent in a research report on Friday, February 23rd. They issued an "outperform" rating and a $105.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 6th. SVB Leerink raised shares of Nuvalent from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. Leerink Partnrs raised shares of Nuvalent from a "market perform" rating to an "outperform" rating in a research report on Monday, April 1st. Finally, 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 report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $90.00.

Nuvalent Stock Performance

The company has a market capitalization of $4.38 billion, a PE ratio of -31.69 and a beta of 1.29. The business's 50-day moving average is $80.55 and its 200-day moving average is $69.72.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.02). Analysts expect that Nuvalent, Inc. will post -2.93 EPS for the current year.

Institutional Trading of Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of NUVL. JPMorgan Chase & Co. increased its stake in Nuvalent by 13.0% during the 1st quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company's stock valued at $6,147,000 after purchasing an additional 50,930 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Nuvalent by 57.8% in the first quarter. Bank of New York Mellon Corp now owns 45,656 shares of the company's stock worth $634,000 after acquiring an additional 16,726 shares during the period. MetLife Investment Management LLC grew its stake in shares of Nuvalent by 196.6% in the first quarter. MetLife Investment Management LLC now owns 12,959 shares of the company's stock worth $180,000 after acquiring an additional 8,590 shares during the period. Rhumbline Advisers bought a new stake in shares of Nuvalent in the first quarter worth approximately $211,000. Finally, BlackRock Inc. grew its stake in shares of Nuvalent by 30.2% in the first quarter. BlackRock Inc. now owns 1,257,463 shares of the company's stock worth $17,466,000 after acquiring an additional 291,821 shares during the period. 97.26% of the stock is currently owned by institutional investors.

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.