Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 32,795 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 32,795 shares of Nuvalent stock in a transaction on Monday, September 16th. The shares were sold at an average price of $98.92, for a total value of $3,244,081.40. Following the completion of the transaction, the insider now owns 33,300 shares in the company, valued at approximately $3,294,036. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Nuvalent Stock Performance

Shares of NUVL opened at $102.63 on Thursday. The firm has a market cap of $6.63 billion, a PE ratio of -42.59 and a beta of 1.28. Nuvalent, Inc. has a 52-week low of $41.16 and a 52-week high of $113.51. The business’s 50 day moving average price is $80.68 and its two-hundred day moving average price is $75.97.

Nuvalent (NASDAQ:NUVL) last released 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 quarter in the prior year, the business posted ($0.51) EPS. Research analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on NUVL. Barclays started coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 target price for the company. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday. BMO Capital Markets boosted their target price on shares of Nuvalent from $102.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and an average price target of $111.00.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC acquired a new position in Nuvalent during the 2nd quarter worth approximately $224,000. Driehaus Capital Management LLC raised its position in shares of Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares during the period. Affinity Asset Advisors LLC raised its position in shares of Nuvalent by 33.3% during the second quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock worth $15,172,000 after purchasing an additional 50,000 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Nuvalent by 62.2% in the 2nd quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock worth $5,849,000 after purchasing an additional 29,571 shares in the last quarter. Finally, Fred Alger Management LLC grew its position in Nuvalent by 6.2% in the 2nd quarter. Fred Alger Management LLC now owns 578,130 shares of the company’s stock valued at $43,857,000 after purchasing an additional 33,758 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.