Nuvalent (NASDAQ:NUVL) Shares Down 5% After Insider Selling

Nuvalent, Inc. (NASDAQ:NUVL) shares traded down 5% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $71.70 and last traded at $71.72. 92,676 shares traded hands during trading, a decline of 78% from the average session volume of 426,401 shares. The stock had previously closed at $75.51.

Specifically, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total transaction of $216,210.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,399,931. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $75.43, for a total transaction of $754,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,511,819. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total transaction of $216,210.00. Following the sale, the insider now owns 33,300 shares in the company, valued at $2,399,931. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 216,500 shares of company stock worth $14,652,285. 12.52% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NUVL has been the topic of a number of recent analyst reports. Wedbush restated an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research report on Friday, May 17th. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price on the stock. Finally, SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $69.00 to $110.00 in a research report on Monday, April 1st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $90.78.

Nuvalent Stock Performance

The stock’s 50 day moving average is $72.46 and its two-hundred day moving average is $75.17.

Nuvalent (NASDAQ:NUVL) last issued its earnings results 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, analysts predict that Nuvalent, Inc. will post -3.06 EPS for the current year.

Institutional Investors Weigh In On Nuvalent

Large investors have recently bought and sold shares of the company. Compass Wealth Management LLC acquired a new position in shares of Nuvalent in the fourth quarter valued at approximately $63,000. SG Americas Securities LLC acquired a new position in shares of Nuvalent in the first quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares during the period. Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the first quarter valued at approximately $202,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Nuvalent by 33.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after buying an additional 750 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.