Nuvalent, Inc. (NASDAQ:NUVL) Insider Henry E. Pelish Sells 2,483 Shares

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry E. Pelish sold 2,483 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $79.68, for a total value of $197,845.44. Following the completion of the transaction, the insider now owns 59,981 shares of the company’s stock, valued at $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Nuvalent Stock Performance

Shares of Nuvalent stock traded down $1.87 during trading hours on Wednesday, reaching $78.25. The company’s stock had a trading volume of 341,935 shares, compared to its average volume of 471,296. Nuvalent, Inc. has a one year low of $61.79 and a one year high of $113.51. The company’s 50 day simple moving average is $88.87 and its 200 day simple moving average is $87.41. The stock has a market cap of $5.56 billion, a P/E ratio of -22.55 and a beta of 1.38.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the business posted ($0.59) earnings per share. On average, sell-side analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently made changes to their positions in the company. Quest Partners LLC bought a new stake in shares of Nuvalent during the second quarter valued at about $44,000. Amalgamated Bank increased its stake in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after buying an additional 198 shares during the period. Portland Investment Counsel Inc. bought a new stake in shares of Nuvalent during the 3rd quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after acquiring an additional 382 shares during the period. Finally, Creative Planning bought a new position in shares of Nuvalent in the third quarter valued at approximately $232,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. HC Wainwright initiated coverage on shares of Nuvalent in a research report on Monday, December 30th. They set a “buy” rating and a $110.00 target price for the company. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Tuesday, November 12th. Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nuvalent presently has an average rating of “Moderate Buy” and an average target price of $112.36.

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.