Darlene Noci Sells 5,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $75.54, for a total value of $377,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Nuvalent Trading Down 1.3 %

Shares of NASDAQ:NUVL opened at $72.05 on Friday. The stock has a 50 day moving average of $72.58 and a 200 day moving average of $75.14. Nuvalent, Inc. has a 12-month low of $38.78 and a 12-month high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). As a group, research analysts expect that Nuvalent, Inc. will post -3.06 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Compass Wealth Management LLC bought a new position in Nuvalent in the 4th quarter worth approximately $63,000. SG Americas Securities LLC bought a new position in Nuvalent in the 1st quarter worth approximately $121,000. Allspring Global Investments Holdings LLC boosted its stake in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares during the period. Mount Yale Investment Advisors LLC bought a new position in Nuvalent in the 1st quarter worth approximately $202,000. Finally, Exchange Traded Concepts LLC boosted its stake in Nuvalent by 33.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after purchasing an additional 750 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research report on Friday, May 17th. SVB Leerink raised shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their price target for the company from $69.00 to $110.00 in a research report on Monday, April 1st. Leerink Partnrs raised shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. Finally, Jefferies Financial Group assumed coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.78.

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.