Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $439,890.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry E. Pelish sold 5,500 shares of Nuvalent stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $79.98, for a total transaction of $439,890.00. Following the transaction, the insider directly owned 60,956 shares in the company, valued at approximately $4,875,260.88. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Nuvalent Trading Down 1.4%

Shares of NUVL traded down $1.14 during midday trading on Friday, reaching $80.93. The stock had a trading volume of 364,120 shares, compared to its average volume of 507,412. The firm has a market cap of $5.81 billion, a PE ratio of -18.44 and a beta of 1.31. The firm has a 50 day simple moving average of $75.73 and a 200-day simple moving average of $75.90. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same period in the prior year, the company posted ($0.69) earnings per share. As a group, research analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Nuvalent by 5,549.7% in the 1st quarter. GAMMA Investing LLC now owns 10,000 shares of the company's stock valued at $709,000 after buying an additional 9,823 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Nuvalent in the fourth quarter valued at about $10,487,000. First Trust Advisors LP increased its position in Nuvalent by 3.9% during the fourth quarter. First Trust Advisors LP now owns 44,542 shares of the company's stock worth $3,487,000 after acquiring an additional 1,685 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Nuvalent by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,297,910 shares of the company's stock worth $101,601,000 after purchasing an additional 215,633 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Nuvalent by 43.1% in the 4th quarter. Teacher Retirement System of Texas now owns 10,609 shares of the company's stock valued at $830,000 after purchasing an additional 3,197 shares during the period. Institutional investors and hedge funds own 97.26% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Robert W. Baird raised their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong-buy" rating in a report on Monday, June 30th. Leerink Partners upped their target price on shares of Nuvalent from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. UBS Group upgraded Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Friday, March 14th. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a research report on Tuesday, June 24th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent has a consensus rating of "Buy" and an average price target of $119.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.