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

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

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $76.61 on Friday. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of -22.08 and a beta of 1.38. The business’s 50-day simple moving average is $88.18 and its 200-day simple moving average is $87.25. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same quarter in the previous year, the business earned ($0.59) earnings per share. As a group, equities research analysts forecast that Nuvalent, Inc. will post -3.84 earnings per share for the current year.

Institutional Trading of Nuvalent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVL. Bank of New York Mellon Corp grew its holdings in Nuvalent by 23.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after buying an additional 25,966 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Nuvalent by 62.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock valued at $334,000 after buying an additional 1,686 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Nuvalent by 18.9% during the 2nd quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock worth $3,536,000 after purchasing an additional 7,420 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Nuvalent during the 2nd quarter worth approximately $44,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

NUVL has been the subject of several research analyst reports. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Guggenheim increased their price objective on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.36.

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.