Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $197,845.44 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 2,483 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the sale, the insider now directly owns 59,981 shares of the company’s stock, valued at approximately $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Nuvalent Stock Down 2.3 %

Nuvalent stock traded down $1.87 during mid-day trading on Wednesday, hitting $78.25. The company had a trading volume of 341,935 shares, compared to its average volume of 471,296. The business has a fifty day moving average of $88.87 and a 200 day moving average of $87.41. Nuvalent, Inc. has a 1 year low of $61.79 and a 1 year high of $113.51. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of -22.55 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the business earned ($0.59) earnings per share. Equities analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Tuesday, November 12th. JPMorgan Chase & Co. raised their target price on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Guggenheim boosted their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their price target on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets raised their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $112.36.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in shares of Nuvalent during the second quarter worth $44,000. Amalgamated Bank grew its holdings in shares of Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the period. Portland Investment Counsel Inc. purchased a new position in shares of Nuvalent in the third quarter valued at $205,000. Mirae Asset Global Investments Co. Ltd. raised its position in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new position in shares of Nuvalent during the 2nd quarter worth approximately $218,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.