Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $216,210.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Deborah Ann Miller sold 3,000 shares of Nuvalent stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $72.07, for a total transaction of $216,210.00. Following the completion of the sale, the insider now owns 33,300 shares in the company, valued at $2,399,931. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Deborah Ann Miller also recently made the following trade(s):

• On Thursday, April 4th, Deborah Ann Miller sold 3,000 shares of Nuvalent stock. The shares were sold at an average price of $73.60, for a total value of $220,800.00.
• On Thursday, March 28th, Deborah Ann Miller sold 22,000 shares of Nuvalent stock. The stock was sold at an average price of $75.20, for a total transaction of $1,654,400.00.

Nuvalent Stock Performance

NUVL stock opened at $70.35 on Monday. Nuvalent, Inc. has a one year low of $36.51 and a one year high of $89.39. The firm has a market cap of $4.51 billion, a PE ratio of -32.57 and a beta of 1.35. The firm’s 50 day moving average price is $75.11 and its 200-day moving average price is $71.60.

Nuvalent (NASDAQ:NUVL) last announced its 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). Equities research analysts predict that Nuvalent, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

NUVL has been the topic of several analyst reports. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $69.00 to $110.00 in a research report on Monday, April 1st. Wedbush reaffirmed an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Jefferies Financial Group initiated coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 target price on the stock. Guggenheim began coverage on shares of Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and an average target price of $90.78.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. increased its stake in shares of Nuvalent by 97.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after buying an additional 654 shares during the period. Compass Wealth Management LLC purchased a new stake in shares of Nuvalent in the 4th quarter valued at approximately $63,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nuvalent by 460.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,849 shares of the company’s stock worth $177,000 after purchasing an additional 3,162 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Nuvalent by 33.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock worth $218,000 after purchasing an additional 750 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.