Nuvalent (NASDAQ:NUVL) Insider Sells $258,860.88 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry Pelish sold 2,664 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $97.17, for a total transaction of $258,860.88. Following the completion of the transaction, the insider owned 65,888 shares of the company’s stock, valued at approximately $6,402,336.96. This trade represents a 3.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Nuvalent Stock Up 2.3%

NASDAQ:NUVL opened at $105.05 on Friday. Nuvalent, Inc. has a 52 week low of $55.53 and a 52 week high of $112.88. The stock has a market capitalization of $7.64 billion, a PE ratio of -19.75 and a beta of 1.32. The stock’s 50-day moving average price is $102.85 and its 200-day moving average price is $89.21.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.39) by ($0.31). During the same period in the prior year, the business earned ($1.28) earnings per share. Sell-side analysts expect that Nuvalent, Inc. will post -3.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its position in Nuvalent by 7.9% during the fourth quarter. SG Americas Securities LLC now owns 20,326 shares of the company’s stock worth $2,045,000 after acquiring an additional 1,490 shares during the last quarter. GAMMA Investing LLC lifted its stake in Nuvalent by 47.6% in the 4th quarter. GAMMA Investing LLC now owns 335 shares of the company’s stock worth $34,000 after purchasing an additional 108 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Nuvalent during the 3rd quarter worth approximately $1,297,000. Cantor Fitzgerald L. P. purchased a new stake in shares of Nuvalent in the third quarter valued at approximately $1,946,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Nuvalent in the third quarter valued at approximately $396,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NUVL. The Goldman Sachs Group increased their target price on Nuvalent from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Canaccord Genuity Group began coverage on shares of Nuvalent in a research report on Wednesday, November 12th. They issued a “buy” rating and a $126.00 target price on the stock. Guggenheim boosted their target price on shares of Nuvalent from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. UBS Group restated a “buy” rating on shares of Nuvalent in a research report on Wednesday, December 17th. Finally, Truist Financial set a $140.00 price objective on Nuvalent in a report on Monday, November 24th. Fifteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $138.33.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.