Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 2,145 Shares

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 2,145 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $81.16, for a total transaction of $174,088.20. Following the completion of the sale, the insider directly owned 60,956 shares of the company's stock, valued at $4,947,188.96. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Nuvalent Stock Up 4.5%

Shares of NUVL traded up $3.66 during trading hours on Monday, reaching $84.59. The company's stock had a trading volume of 449,566 shares, compared to its average volume of 508,624. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of -19.27 and a beta of 1.31. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The company has a 50 day moving average of $75.98 and a two-hundred day moving average of $75.83.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released 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 previous year, the business posted ($0.69) earnings per share. As a group, analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds have recently added to or reduced their stakes in the company. Paradigm Biocapital Advisors LP increased its holdings in Nuvalent by 7.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after buying an additional 363,379 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nuvalent by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after buying an additional 366,239 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in 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 purchasing an additional 152,692 shares during the last quarter. Wellington Management Group LLP grew its holdings in Nuvalent by 12.3% during the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock valued at $102,294,000 after purchasing an additional 157,809 shares during the last quarter. Finally, Woodline Partners LP grew its holdings in Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock valued at $94,322,000 after purchasing an additional 11,248 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NUVL shares. Leerink Partners upped their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group raised shares of Nuvalent to a "strong-buy" rating in a research note on Monday, June 30th. Wedbush reaffirmed an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, June 24th. Robert W. Baird upped their price objective on shares of Nuvalent from $105.00 to $112.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $130.00 price objective (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.