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 firm’s stock in a transaction on Monday, January 6th. The stock was 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 in the company, valued at $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nuvalent Stock Down 2.3 %

Nuvalent stock opened at $78.25 on Friday. The firm has a market capitalization of $5.56 billion, a PE ratio of -22.55 and a beta of 1.38. Nuvalent, Inc. has a 52 week low of $61.79 and a 52 week high of $113.51. The firm’s 50-day simple moving average is $88.43 and its 200 day simple moving average is $87.28.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period last year, the firm earned ($0.59) EPS. On average, research analysts expect that Nuvalent, Inc. will post -3.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NUVL has been the topic of a number of research reports. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush restated an “outperform” rating and set a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, HC Wainwright began coverage on shares of Nuvalent in a research report on Monday, December 30th. They set a “buy” rating and a $110.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.36.

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently made changes to their positions in NUVL. Edgestream Partners L.P. purchased a new position in Nuvalent in the 2nd quarter valued at about $1,191,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Nuvalent in the third quarter valued at approximately $1,255,000. Lord Abbett & CO. LLC lifted its stake in shares of Nuvalent by 29.5% during the third quarter. Lord Abbett & CO. LLC now owns 308,362 shares of the company’s stock valued at $31,546,000 after buying an additional 70,157 shares during the period. Citigroup Inc. boosted its position in Nuvalent by 14.9% during the third quarter. Citigroup Inc. now owns 94,534 shares of the company’s stock worth $9,671,000 after acquiring an additional 12,256 shares during the last quarter. Finally, Barclays PLC grew its stake in Nuvalent by 149.0% in the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after acquiring an additional 40,754 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.