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 company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Nuvalent Stock Down 2.3 %

Shares of NASDAQ:NUVL opened at $78.25 on Friday. The company’s 50-day moving average price is $88.43 and its 200 day moving average price is $87.28. The company has a market cap of $5.56 billion, a PE ratio of -22.55 and a beta of 1.38. Nuvalent, Inc. has a fifty-two week low of $61.79 and a fifty-two week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the business posted ($0.59) earnings per share. As a group, equities analysts anticipate that Nuvalent, Inc. will post -3.84 EPS for the current year.

Analyst Ratings Changes

NUVL has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. UBS Group began coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price on the stock. Finally, Stifel Nicolaus increased their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $112.36.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NUVL. FMR LLC grew its position in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after buying an additional 786,257 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after acquiring an additional 400,402 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Nuvalent by 9.4% during the third quarter. Geode Capital Management LLC now owns 855,610 shares of the company’s stock valued at $87,546,000 after acquiring an additional 73,429 shares during the period. Driehaus Capital Management LLC raised its holdings in Nuvalent by 3.5% during the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock worth $52,845,000 after purchasing an additional 23,730 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in Nuvalent by 8.6% in the third quarter. Fred Alger Management LLC now owns 627,742 shares of the company’s stock worth $64,218,000 after purchasing an additional 49,612 shares during the period. Institutional investors own 97.26% of the company’s stock.

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.