Nuvalent (NASDAQ:NUVL) Insider Sells $208,702.74 in Stock

Key Points

• Insider Henry Pelish sold 2,433 shares of Nuvalent stock at an average price of $85.78, totaling $208,702.74, which represents a 3.56% decrease in his position.
• Nuvalent reported ($1.31) earnings per share for the last quarter, missing analyst estimates by $0.04.
• Multiple brokerages have given Nuvalent an average rating of "Moderate Buy" with a consensus target price of $120.50, with recent price targets ranging from $112.00 to $135.00.

Nuvalent, Inc. (NASDAQ:NUVL - Get Free Report) insider Henry Pelish sold 2,433 shares of Nuvalent stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $85.78, for a total value of $208,702.74. Following the completion of the transaction, the insider owned 65,963 shares in the company, valued at $5,658,306.14. This trade represents a 3.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Nuvalent Stock Performance

NUVL traded up $4.98 on Wednesday, hitting $89.64. The company had a trading volume of 551,198 shares, compared to its average volume of 515,537. The stock has a fifty day moving average price of $79.34 and a 200-day moving average price of $76.54. Nuvalent, Inc. has a 12-month low of $55.53 and a 12-month high of $105.13. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of -18.29 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same quarter in the prior year, the firm posted ($0.88) earnings per share. Analysts forecast that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NUVL. Cantor Fitzgerald began coverage on Nuvalent in a research note on Wednesday. They set an "overweight" rating and a $135.00 price target on the stock. Piper Sandler began coverage on Nuvalent in a research note on Tuesday, August 19th. They set an "overweight" rating and a $112.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Nuvalent in a research note on Wednesday, October 8th. Guggenheim began coverage on Nuvalent in a research note on Thursday, September 4th. They set a "buy" rating and a $122.00 price target on the stock. Finally, Robert W. Baird boosted their price target on Nuvalent from $105.00 to $112.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Nuvalent presently has an average rating of "Moderate Buy" and a consensus target price of $120.50.

Institutional Trading of Nuvalent

Large investors have recently made changes to their positions in the company. CWM LLC increased its position in shares of Nuvalent by 588.5% during the first 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 purchased a new stake in Nuvalent in the 1st quarter valued at $38,000. Covestor Ltd grew its holdings in Nuvalent by 705.7% in the 1st quarter. Covestor Ltd now owns 983 shares of the company's stock valued at $70,000 after buying an additional 861 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Nuvalent in the 2nd quarter valued at $88,000. Finally, Farther Finance Advisors LLC grew its holdings in Nuvalent by 9,230.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company's stock valued at $93,000 after buying an additional 1,200 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.

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