Insider Selling: Nuvalent, Inc. (NASDAQ:NUVL) Insider Sells $377,700.00 in Stock

Nuvalent, Inc. (NASDAQ:NUVL) insider Darlene Noci sold 5,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $75.54, for a total transaction of $377,700.00. Following the transaction, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,515,482. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Nuvalent Stock Down 1.3 %

Shares of NUVL opened at $72.05 on Friday. The firm’s 50 day simple moving average is $72.58 and its 200 day simple moving average is $75.14. Nuvalent, Inc. has a 1-year low of $38.78 and a 1-year high of $89.39.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02). On average, sell-side analysts anticipate that Nuvalent, Inc. will post -3.06 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NUVL. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research report on Monday, April 1st. Wedbush reiterated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a research report on Friday, May 17th. Jefferies Financial Group initiated coverage on shares of Nuvalent in a research report on Wednesday, April 17th. They set a “buy” rating and a $97.00 target price for the company. Finally, SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $69.00 to $110.00 in a research report on Monday, April 1st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Darwin Global Management Ltd. raised its stake in Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of Nuvalent during the first quarter worth approximately $202,000. Seven Eight Capital LP purchased a new position in shares of Nuvalent during the first quarter worth approximately $1,172,000. Vanguard Group Inc. raised its stake in shares of Nuvalent by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Nuvalent by 10.3% during the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock worth $667,000 after acquiring an additional 830 shares in the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

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.