Insider Selling: 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 on Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the sale, the insider now directly owns 59,981 shares in the company, valued at $4,779,286.08. This represents a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Nuvalent Stock Down 2.1 %

Shares of NUVL stock opened at $76.61 on Friday. The stock has a 50-day simple moving average of $88.18 and a 200 day simple moving average of $87.25. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The stock has a market capitalization of $5.44 billion, a P/E ratio of -22.08 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter last year, the company earned ($0.59) earnings per share. On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Institutional Investors Weigh In On Nuvalent

Hedge funds have recently modified their holdings of the stock. Edgestream Partners L.P. purchased a new stake in shares of Nuvalent during the second quarter valued at $1,191,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Nuvalent during the third quarter valued at $1,255,000. Lord Abbett & CO. LLC lifted its holdings in shares of Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after purchasing an additional 70,157 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock valued at $9,671,000 after purchasing an additional 12,256 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Nuvalent by 149.0% during the third quarter. Barclays PLC now owns 68,107 shares of the company’s stock valued at $6,968,000 after purchasing an additional 40,754 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stifel Nicolaus increased their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Guggenheim increased their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. HC Wainwright began coverage on Nuvalent in a research note on Monday, December 30th. They issued a “buy” rating and a $110.00 price target for the company. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $112.36.

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.