Emily Conley Sells 5,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Emily Conley sold 5,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $77.56, for a total transaction of $387,800.00. Following the sale, the director now owns 2,507 shares of the company’s stock, valued at approximately $194,442.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Nuvalent Stock Up 1.2 %

Shares of NUVL opened at $78.10 on Thursday. Nuvalent, Inc. has a twelve month low of $38.78 and a twelve month high of $89.39. The firm’s 50 day moving average price is $69.88 and its two-hundred day moving average price is $74.80.

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

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in shares of Nuvalent by 1.4% during the fourth quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after buying an additional 139 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Nuvalent by 3.1% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock worth $323,000 after acquiring an additional 210 shares in the last quarter. Amalgamated Bank grew its stake in shares of Nuvalent by 8.1% during the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock worth $281,000 after acquiring an additional 285 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Nuvalent by 0.8% in the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. BMO Capital Markets upped their price target on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday, February 28th. Guggenheim assumed coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Friday, May 17th. Finally, SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $69.00 to $110.00 in a report on Monday, April 1st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $90.78.

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.