Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $508,700.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $3,387,942. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Darlene Noci also recently made the following trade(s):

• On Tuesday, September 3rd, Darlene Noci sold 5,000 shares of Nuvalent stock. The stock was sold at an average price of $84.43, for a total transaction of $422,150.00.
• On Thursday, August 1st, Darlene Noci sold 5,000 shares of Nuvalent stock. The shares were sold at an average price of $77.22, for a total value of $386,100.00.

Nuvalent Stock Performance

Shares of NASDAQ NUVL traded up $0.54 during mid-day trading on Wednesday, hitting $103.56. 301,764 shares of the stock traded hands, compared to its average volume of 442,233. The company has a market cap of $6.69 billion, a price-to-earnings ratio of -42.75 and a beta of 1.28. The stock has a fifty day moving average price of $85.16 and a 200-day moving average price of $77.24. Nuvalent, Inc. has a 52 week low of $41.16 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the previous year, the company posted ($0.51) EPS. As a group, sell-side analysts predict that Nuvalent, Inc. will post -3.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Vanguard Group Inc. grew its position in Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after purchasing an additional 72,222 shares during the last quarter. Perceptive Advisors LLC lifted its stake in shares of Nuvalent by 18.5% in the fourth quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after buying an additional 454,540 shares in the last quarter. Darwin Global Management Ltd. grew its holdings in shares of Nuvalent by 2,390.5% during the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after buying an additional 1,379,266 shares during the last quarter. Commodore Capital LP increased its position in shares of Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares in the last quarter. Finally, Driehaus Capital Management LLC increased 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 valued at $52,845,000 after acquiring an additional 23,730 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NUVL shares. Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Barclays started coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target on the stock. Stifel Nicolaus boosted their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Nuvalent from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvalent presently has an average rating of “Moderate Buy” and an average price target of $111.00.

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.