Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells 32,795 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 32,795 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $98.92, for a total transaction of $3,244,081.40. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at $3,294,036. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Nuvalent Stock Performance

Nuvalent stock opened at $103.25 on Friday. The firm has a market cap of $6.67 billion, a PE ratio of -42.84 and a beta of 1.28. The firm’s 50 day moving average price is $81.25 and its two-hundred day moving average price is $76.16. Nuvalent, Inc. has a twelve month low of $41.16 and a twelve month high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -3.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Guggenheim upped their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Wedbush lifted their price target on Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a report on Monday. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective for the company. Finally, Stifel Nicolaus raised their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its position in Nuvalent by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after acquiring an additional 139 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares in the last quarter. Amalgamated Bank grew its position in Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. Swiss National Bank grew its position in Nuvalent by 0.8% in the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after acquiring an additional 400 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Nuvalent in the second quarter worth approximately $44,000. 97.26% of the stock is owned by institutional investors.

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.