Henry Pelish Sells 2,433 Shares of Nuvalent (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry Pelish sold 2,433 shares of the company’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $85.78, for a total transaction of $208,702.74. Following the completion of the sale, the insider directly owned 65,963 shares in the company, valued at approximately $5,658,306.14. The trade was a 3.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Nuvalent Stock Performance

NUVL opened at $90.42 on Friday. The firm’s 50-day simple moving average is $79.95 and its 200-day simple moving average is $76.76. Nuvalent, Inc. has a twelve month low of $55.53 and a twelve month high of $105.13. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of -18.45 and a beta of 1.30.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, August 7th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.04). During the same period last year, the company earned ($0.88) EPS. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NUVL. HC Wainwright reiterated a “buy” rating and set a $130.00 price target (up previously from $110.00) on shares of Nuvalent in a research report on Tuesday, June 24th. Cantor Fitzgerald began coverage on shares of Nuvalent in a research report on Wednesday. They set an “overweight” rating and a $135.00 price target on the stock. Wedbush reiterated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research report on Monday, September 8th. Raymond James Financial began coverage on shares of Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 price target on the stock. Finally, Leerink Partners upped their price target on shares of Nuvalent from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Braidwell LP raised its position in shares of Nuvalent by 248.6% in the 1st quarter. Braidwell LP now owns 840,945 shares of the company’s stock valued at $59,640,000 after acquiring an additional 599,710 shares during the period. Vestal Point Capital LP raised its position in shares of Nuvalent by 79.2% in the 1st quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company’s stock valued at $76,239,000 after acquiring an additional 475,000 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Nuvalent in the 1st quarter valued at approximately $31,969,000. Norges Bank acquired a new stake in shares of Nuvalent in the 2nd quarter valued at approximately $28,582,000. Finally, Ameriprise Financial Inc. raised its position in shares of Nuvalent by 72.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 484,343 shares of the company’s stock valued at $36,955,000 after acquiring an additional 204,002 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.