Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $3,244,081.40 in 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 stock was 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 approximately $3,294,036. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Nuvalent Price Performance

NUVL opened at $108.00 on Friday. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of -44.81 and a beta of 1.28. The company’s 50 day moving average price is $81.75 and its two-hundred day moving average price is $76.35. Nuvalent, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same period in the previous year, the business earned ($0.51) earnings per share. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current year.

Institutional Trading of Nuvalent

Several institutional investors have recently added to or reduced their stakes in NUVL. Algert Global LLC bought a new position in Nuvalent during the 2nd quarter worth approximately $224,000. Driehaus Capital Management LLC raised its stake in Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after buying an additional 23,730 shares during the last quarter. Affinity Asset Advisors LLC raised its stake in Nuvalent by 33.3% during the second quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock worth $15,172,000 after buying an additional 50,000 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in Nuvalent by 62.2% in the second quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock valued at $5,849,000 after buying an additional 29,571 shares during the period. Finally, Fred Alger Management LLC boosted its position in Nuvalent by 6.2% during the second quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after acquiring an additional 33,758 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NUVL shares. Guggenheim boosted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. BMO Capital Markets raised their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Barclays began coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.00.

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.