Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $386,100.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $77.22, for a total value of $386,100.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,571,426. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Darlene Noci also recently made the following trade(s):

• On Monday, July 1st, Darlene Noci sold 5,000 shares of Nuvalent stock. The shares were sold at an average price of $75.54, for a total value of $377,700.00.

Nuvalent Trading Down 4.0 %

NUVL stock traded down $3.06 during trading hours on Friday, hitting $73.16. 295,417 shares of the stock traded hands, compared to its average volume of 410,489. The stock has a 50-day simple moving average of $76.41 and a 200 day simple moving average of $75.84. Nuvalent, Inc. has a one year low of $39.86 and a one year high of $89.39. The company has a market cap of $4.72 billion, a P/E ratio of -30.36 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.02). Analysts forecast that Nuvalent, Inc. will post -3.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the first quarter worth about $121,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares during the period. Mount Yale Investment Advisors LLC purchased a new stake in shares of Nuvalent in the 1st quarter valued at approximately $202,000. Amalgamated Bank boosted its stake in Nuvalent by 8.1% in the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after purchasing an additional 285 shares during the period. Finally, Harvest Investment Services LLC purchased a new position in Nuvalent during the 4th quarter worth approximately $331,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

NUVL has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a report on Monday, July 22nd. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday. Finally, Stifel Nicolaus boosted their price target on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $96.33.

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.