Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells 3,000 Shares of Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Deborah Ann Miller sold 3,000 shares of the business’s 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 transaction, the insider now owns 33,300 shares in the company, valued at $2,399,931. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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 transaction 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 Price Performance

Shares of NASDAQ:NUVL traded down $2.14 during trading on Friday, reaching $70.35. The stock had a trading volume of 346,463 shares, compared to its average volume of 440,298. The stock has a market capitalization of $4.51 billion, a PE ratio of -33.56 and a beta of 1.35. Nuvalent, Inc. has a 52 week low of $36.51 and a 52 week high of $89.39. The business’s 50-day moving average price is $75.45 and its 200 day moving average price is $71.25.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). Analysts forecast that Nuvalent, Inc. will post -2.89 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on NUVL shares. SVB Leerink raised Nuvalent from a “market perform” rating to an “outperform” rating and raised their target price for the company from $69.00 to $110.00 in a report on Monday, April 1st. BMO Capital Markets boosted their price objective on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. lifted their price target on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Nuvalent by 56.5% during the fourth quarter. Vanguard Group Inc. now owns 3,339,850 shares of the company’s stock worth $245,780,000 after buying an additional 1,205,668 shares during the last quarter. Perceptive Advisors LLC boosted its position in shares of Nuvalent by 18.5% in the 4th quarter. Perceptive Advisors LLC now owns 2,917,991 shares of the company’s stock worth $214,735,000 after purchasing an additional 454,540 shares during the last quarter. Commodore Capital LP grew its stake in shares of Nuvalent by 60.6% during the fourth quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock worth $97,951,000 after purchasing an additional 502,259 shares during the period. Dimensional Fund Advisors LP lifted its stake in Nuvalent by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 283,820 shares of the company’s stock valued at $20,888,000 after buying an additional 18,263 shares during the period. Finally, First Turn Management LLC bought a new position in Nuvalent during the fourth quarter worth about $18,831,000. 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.