Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells 3,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Deborah Ann Miller also recently made the following trade(s):

• On Thursday, August 8th, Deborah Ann Miller sold 3,000 shares of Nuvalent stock. The stock was sold at an average price of $68.78, for a total transaction of $206,340.00.
• On Friday, July 12th, Deborah Ann Miller sold 6,000 shares of Nuvalent stock. The shares were sold at an average price of $80.16, for a total transaction of $480,960.00.
• On Monday, July 8th, Deborah Ann Miller sold 3,000 shares of Nuvalent stock. The shares were sold at an average price of $73.23, for a total transaction of $219,690.00.

Nuvalent Trading Down 2.1 %

Shares of NUVL stock traded down $1.86 on Wednesday, hitting $85.63. The stock had a trading volume of 236,419 shares, compared to its average volume of 397,703. The firm has a market cap of $5.53 billion, a P/E ratio of -35.86 and a beta of 1.28. Nuvalent, Inc. has a twelve month low of $39.86 and a twelve month high of $89.89. The company has a fifty day moving average price of $78.51 and a two-hundred day moving average price of $75.70.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same period last year, the company earned ($0.51) earnings per share. On average, analysts expect that Nuvalent, Inc. will post -3.55 earnings per share for the current year.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter worth about $44,000. Amalgamated Bank raised its holdings in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nuvalent during the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC grew its stake in Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent during the 1st quarter worth approximately $202,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on NUVL shares. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. Stifel Nicolaus raised their price target on Nuvalent from $103.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Wedbush reissued an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $103.00.

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.