Nuvalent (NASDAQ:NUVL) Insider Henry Pelish Sells 7,637 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry Pelish sold 7,637 shares of the company’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $89.81, for a total transaction of $685,878.97. Following the transaction, the insider owned 65,963 shares of the company’s stock, valued at approximately $5,924,137.03. This represents a 10.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $89.64 on Thursday. The firm has a fifty day moving average price of $79.58 and a 200 day moving average price of $76.63. Nuvalent, Inc. has a fifty-two week low of $55.53 and a fifty-two week high of $105.13. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of -18.29 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL) last issued its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.04). During the same period in the previous year, the company posted ($0.88) EPS. As a group, research analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NUVL. Piper Sandler began coverage on shares of 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 reaffirmed a “sell (d-)” rating on shares of Nuvalent in a research note on Wednesday, October 8th. Raymond James Financial began coverage on shares of Nuvalent in a research note on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price target on the stock. Leerink Partners upped their price target on shares of Nuvalent from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Tuesday, June 24th. Finally, Robert W. Baird raised their price objective on Nuvalent from $105.00 to $112.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and a consensus price target of $120.50.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC raised its stake in shares of Nuvalent by 588.5% in the first quarter. CWM LLC now owns 420 shares of the company’s stock valued at $30,000 after acquiring an additional 359 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Nuvalent in the first quarter valued at $38,000. Covestor Ltd boosted its stake in shares of Nuvalent by 705.7% during the first quarter. Covestor Ltd now owns 983 shares of the company’s stock valued at $70,000 after purchasing an additional 861 shares during the period. Persistent Asset Partners Ltd purchased a new stake in shares of Nuvalent during the second quarter valued at $88,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Nuvalent by 9,230.8% during the second quarter. Farther Finance Advisors LLC now owns 1,213 shares of the company’s stock valued at $93,000 after purchasing an additional 1,200 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.