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 that occurred 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 sale, the insider owned 60,956 shares of the company's stock, valued at approximately $4,875,260.88. This represents a 8.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Nuvalent Stock Performance

Shares of Nuvalent stock traded up $3.66 on Monday, reaching $84.59. 449,566 shares of the stock were exchanged, compared to its average volume of 508,624. The firm's 50 day moving average is $75.98 and its 200-day moving average is $75.83. Nuvalent, Inc. has a one year low of $55.54 and a one year high of $113.51. The firm has a market cap of $6.07 billion, a PE ratio of -19.27 and a beta of 1.31.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.14) by ($0.04). During the same quarter in the prior year, the company earned ($0.69) EPS. On average, equities research analysts expect that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in shares of Nuvalent by 9,230.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after purchasing an additional 1,200 shares during the last quarter. Voya Investment Management LLC grew its holdings in Nuvalent by 6.6% during the 1st quarter. Voya Investment Management LLC now owns 120,311 shares of the company's stock worth $8,532,000 after acquiring an additional 7,414 shares during the last quarter. Rhumbline Advisers grew its holdings in Nuvalent by 5.1% during the 1st quarter. Rhumbline Advisers now owns 53,026 shares of the company's stock worth $3,761,000 after acquiring an additional 2,572 shares during the last quarter. Strs Ohio bought a new stake in Nuvalent during the 1st quarter worth approximately $404,000. Finally, Intech Investment Management LLC boosted its stake in shares of Nuvalent by 28.7% in the 1st quarter. Intech Investment Management LLC now owns 19,262 shares of the company's stock valued at $1,366,000 after purchasing an additional 4,293 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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