Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $1,550,200.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 20,000 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $77.51, for a total value of $1,550,200.00. Following the completion of the sale, the insider now owns 33,300 shares of the company’s stock, valued at $2,581,083. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Nuvalent Stock Up 1.2 %

Shares of NASDAQ:NUVL opened at $76.64 on Thursday. Nuvalent, Inc. has a 52-week low of $23.09 and a 52-week high of $89.39. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of -35.48 and a beta of 1.36. The business has a 50-day moving average price of $81.09 and a 200-day moving average price of $68.02.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02). As a group, equities analysts anticipate that Nuvalent, Inc. will post -2.96 EPS for the current fiscal year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NUVL. Vanguard Group Inc. raised its position in Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock valued at $245,780,000 after acquiring an additional 1,205,668 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Nuvalent during the fourth quarter valued at approximately $15,953,000. Commodore Capital LP raised its position in Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after acquiring an additional 502,259 shares in the last quarter. Perceptive Advisors LLC increased its position in shares of Nuvalent by 18.5% in the fourth 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 purchased a new stake in shares of Nuvalent in the fourth quarter valued at approximately $9,650,000. 97.26% of the stock is currently 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.