Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $174,088.20 in Stock

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

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $1.14 during trading hours on Friday, reaching $80.93. 373,376 shares of the company were exchanged, compared to its average volume of 508,861. Nuvalent, Inc. has a 1 year low of $55.54 and a 1 year high of $113.51. The stock's fifty day moving average is $75.80 and its 200 day moving average is $75.84. The firm has a market cap of $5.81 billion, a PE ratio of -18.44 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates of ($1.14) by ($0.04). During the same period last year, the firm earned ($0.69) earnings per share. Research analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Institutional Trading of Nuvalent

Hedge funds and other institutional investors have recently bought and sold shares of the business. Paradigm Biocapital Advisors LP increased its position in shares of Nuvalent by 7.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,363,379 shares of the company's stock worth $419,845,000 after purchasing an additional 363,379 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Nuvalent by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 4,499,864 shares of the company's stock worth $352,249,000 after purchasing an additional 366,239 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position 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 worth $102,878,000 after purchasing an additional 152,692 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Nuvalent by 12.3% during the first quarter. Wellington Management Group LLP now owns 1,442,384 shares of the company's stock worth $102,294,000 after purchasing an additional 157,809 shares in the last quarter. Finally, Woodline Partners LP increased its position in shares of Nuvalent by 0.9% during the fourth quarter. Woodline Partners LP now owns 1,204,927 shares of the company's stock worth $94,322,000 after purchasing an additional 11,248 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wedbush reiterated an "outperform" rating and set a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, June 24th. Leerink Partners boosted their target price on Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Robert W. Baird boosted their target price on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Friday, March 14th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average 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.