Nuvalent (NASDAQ:NUVL) Insider Sells $1,279,018.20 in Stock

Key Points

• Insider Henry Pelish sold 14,205 shares of Nuvalent stock for approximately $1.28 million, reducing his ownership by 17.72% to 65,963 shares.
• Nuvalent's stock price increased by 2.3%, reaching $92.52, while analysts project the company to report -3.86 EPS for the current year.
• Institutional investors hold 97.26% of Nuvalent's shares, with notable increases in stakes from several hedge funds in the first and second quarters.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry Pelish sold 14,205 shares of the firm's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $90.04, for a total transaction of $1,279,018.20. Following the sale, the insider directly owned 65,963 shares of the company's stock, valued at $5,939,308.52. The trade was a 17.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Nuvalent Stock Up 2.3%

NUVL stock traded up $2.10 during midday trading on Friday, reaching $92.52. The company had a trading volume of 351,655 shares, compared to its average volume of 514,913. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $104.81. The firm has a market capitalization of $6.67 billion, a PE ratio of -18.88 and a beta of 1.30. The stock has a 50 day moving average price of $79.95 and a 200 day moving average price of $76.76.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.04). During the same quarter in the prior year, the company earned ($0.88) earnings per share. Research analysts predict that Nuvalent, Inc. will post -3.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NUVL shares. Wedbush reissued an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, September 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Nuvalent in a research report on Wednesday, October 8th. HC Wainwright reissued a "buy" rating and set a $130.00 target price (up from $110.00) on shares of Nuvalent in a research note on Tuesday, June 24th. Raymond James Financial initiated coverage on shares of Nuvalent in a report on Tuesday, September 2nd. They set an "outperform" rating and a $105.00 target price for the company. Finally, Piper Sandler assumed coverage on Nuvalent in a report on Tuesday, August 19th. They issued an "overweight" rating and a $112.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $120.00.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC grew its position in Nuvalent by 588.5% during the 1st quarter. CWM LLC now owns 420 shares of the company's stock worth $30,000 after purchasing an additional 359 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Nuvalent in the first quarter worth $38,000. Covestor Ltd lifted its stake in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock worth $70,000 after acquiring an additional 861 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Nuvalent during the 2nd quarter worth about $88,000. Finally, Farther Finance Advisors LLC grew its stake in 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 acquiring an additional 1,200 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

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.

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