Darlene Noci Sells 5,000 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction on Monday, July 1st. The shares were sold at an average price of $75.54, for a total value of $377,700.00. Following the sale, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Nuvalent Trading Down 1.3 %

NUVL opened at $72.05 on Thursday. The business’s 50-day moving average price is $72.46 and its 200-day moving average price is $75.17. Nuvalent, Inc. has a 12 month low of $38.78 and a 12 month high of $89.39.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NUVL. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $69.00 to $110.00 in a research note on Monday, April 1st. Leerink Partnrs raised Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their price target on Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Wedbush restated an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research report on Friday, May 17th. Finally, Jefferies Financial Group initiated coverage on Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $90.78.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NUVL. Compass Wealth Management LLC bought a new stake in shares of Nuvalent in the fourth quarter worth about $63,000. SG Americas Securities LLC bought a new stake in shares of Nuvalent in the first quarter worth about $121,000. 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 valued at $168,000 after acquiring an additional 189 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new stake in Nuvalent during the 1st quarter valued at approximately $202,000. Finally, Exchange Traded Concepts LLC boosted its position in Nuvalent by 33.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after acquiring an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.