Nuvalent (NASDAQ:NUVL) Stock Price Down 2% on Insider Selling

Nuvalent, Inc. (NASDAQ:NUVL) shares dropped 2% on Thursday following insider selling activity. The company traded as low as $73.75 and last traded at $75.11. Approximately 49,962 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 368,656 shares. The stock had previously closed at $76.64.

Specifically, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now directly owns 1,687,198 shares of the company’s stock, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. Company insiders own 14.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on NUVL shares. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Leerink Partnrs reissued a “market perform” rating on shares of Nuvalent in a research note on Thursday, February 22nd. BMO Capital Markets upped their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, Guggenheim assumed coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $81.50.

Nuvalent Price Performance

The business’s 50-day moving average is $81.09 and its two-hundred day moving average is $68.02.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, equities analysts forecast that Nuvalent, Inc. will post -2.96 EPS for the current year.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of NUVL. Vanguard Group Inc. raised its stake in Nuvalent by 56.5% in the 4th quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after purchasing an additional 1,205,668 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Nuvalent in the 4th quarter valued at approximately $15,953,000. Commodore Capital LP raised its position in shares of Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock valued at $214,735,000 after buying an additional 454,540 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC acquired a new position in shares of Nuvalent in the 4th quarter valued at approximately $9,650,000. Institutional investors and hedge funds 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.