Nuvalent (NASDAQ:NUVL) Insider Sells $261,362.91 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Henry Pelish sold 2,111 shares of the firm’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $123.81, for a total value of $261,362.91. Following the transaction, the insider directly owned 63,493 shares of the company’s stock, valued at $7,861,068.33. This represents a 3.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nuvalent Price Performance

NASDAQ:NUVL opened at $123.90 on Monday. The firm’s 50-day moving average price is $111.72 and its 200-day moving average price is $105.87. The company has a market capitalization of $9.79 billion, a PE ratio of -20.45 and a beta of 1.14. Nuvalent, Inc. has a 1-year low of $71.13 and a 1-year high of $123.91.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.04). During the same period in the prior year, the company posted ($1.18) EPS. Equities analysts anticipate that Nuvalent, Inc. will post -5.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NUVL. HighVista Strategies LLC raised its holdings in Nuvalent by 84.9% in the 3rd quarter. HighVista Strategies LLC now owns 93,294 shares of the company’s stock worth $8,068,000 after acquiring an additional 42,834 shares during the last quarter. Aberdeen Group plc boosted its stake in Nuvalent by 115.4% during the 4th quarter. Aberdeen Group plc now owns 165,177 shares of the company’s stock valued at $16,615,000 after purchasing an additional 88,489 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in Nuvalent during the 3rd quarter valued at $1,297,000. Nicholas Investment Partners LP increased its holdings in shares of Nuvalent by 29.2% in the 4th quarter. Nicholas Investment Partners LP now owns 160,483 shares of the company’s stock worth $16,143,000 after purchasing an additional 36,305 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB increased its holdings in shares of Nuvalent by 211.1% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 163,350 shares of the company’s stock worth $16,431,000 after purchasing an additional 110,850 shares in the last quarter. Institutional investors own 97.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NUVL shares. Guggenheim lowered shares of Nuvalent from a “buy” rating to a “neutral” rating and lowered their target price for the company from $151.00 to $124.00 in a report on Wednesday, June 10th. Stifel Nicolaus set a $124.00 price objective on Nuvalent in a research report on Tuesday, June 9th. UBS Group cut Nuvalent from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $138.00 to $124.00 in a research note on Wednesday, June 10th. TD Cowen downgraded Nuvalent from a “buy” rating to a “hold” rating and set a $124.00 target price on the stock. in a report on Tuesday, June 9th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $124.00 target price (up from $116.00) on shares of Nuvalent in a research note on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $127.73.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.