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 that occurred on Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total value of $508,700.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $3,387,942. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

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

Nuvalent Stock Up 0.5 %

NASDAQ:NUVL traded up $0.54 during trading hours on Wednesday, hitting $103.56. 301,764 shares of the company traded hands, compared to its average volume of 442,233. The company has a market cap of $6.69 billion, a PE ratio of -42.75 and a beta of 1.28. The firm’s 50-day simple moving average is $85.16 and its 200-day simple moving average is $77.24. Nuvalent, Inc. has a one year low of $41.16 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.12). During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, equities research analysts expect that Nuvalent, Inc. will post -3.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NUVL shares. Barclays assumed coverage on shares of Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Guggenheim boosted their price objective on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. Finally, Wedbush boosted their price target on shares of Nuvalent from $99.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.00.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock valued at $256,212,000 after buying an additional 72,222 shares during the period. Perceptive Advisors LLC increased its holdings in Nuvalent by 18.5% during the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after acquiring an additional 454,540 shares during the period. Darwin Global Management Ltd. lifted its stake in Nuvalent by 2,390.5% in the 1st quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock worth $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Commodore Capital LP boosted its holdings in 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 purchasing an additional 502,259 shares during the period. Finally, Driehaus Capital Management LLC grew its position in shares of Nuvalent by 3.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after purchasing an additional 23,730 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.