Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $508,700.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of Nuvalent stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total value of $508,700.00. Following the completion of the transaction, the insider now directly owns 33,300 shares of the company’s stock, valued at approximately $3,387,942. This trade represents a 0.00 % decrease in their ownership of the stock. 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 stock was sold at an average price of $84.43, for a total value of $422,150.00.
• On Thursday, August 1st, Darlene Noci sold 5,000 shares of Nuvalent stock. The shares were sold at an average price of $77.22, for a total value of $386,100.00.

Nuvalent Stock Performance

Shares of NUVL opened at $104.93 on Friday. Nuvalent, Inc. has a 52 week low of $49.02 and a 52 week high of $113.51. The stock has a 50 day moving average price of $86.09 and a two-hundred day moving average price of $77.61. The firm has a market capitalization of $6.77 billion, a P/E ratio of -43.54 and a beta of 1.29.

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

Institutional Trading of Nuvalent

Several institutional investors and hedge funds have recently made changes to their positions in NUVL. SG Americas Securities LLC boosted its holdings in Nuvalent by 120.1% during the third quarter. SG Americas Securities LLC now owns 7,385 shares of the company’s stock worth $755,000 after purchasing an additional 4,029 shares during the last quarter. Algert Global LLC purchased a new position in shares of Nuvalent in the 2nd quarter worth approximately $224,000. Driehaus Capital Management LLC grew its holdings in shares of Nuvalent by 3.5% in the second quarter. Driehaus Capital Management LLC now owns 696,607 shares of the company’s stock valued at $52,845,000 after acquiring an additional 23,730 shares in the last quarter. Affinity Asset Advisors LLC increased its position in shares of Nuvalent by 33.3% during the second quarter. Affinity Asset Advisors LLC now owns 200,000 shares of the company’s stock valued at $15,172,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Nuvalent by 62.2% during the second quarter. Squarepoint Ops LLC now owns 77,099 shares of the company’s stock worth $5,849,000 after acquiring an additional 29,571 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NUVL shares. Lifesci Capital upgraded shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. BMO Capital Markets boosted their target price on Nuvalent from $102.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $113.78.

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.