Nuvalent (NASDAQ:NUVL) Stock Price Down 3.9% Following Insider Selling

Nuvalent, Inc. (NASDAQ:NUVL) dropped 3.9% during trading on Thursday after an insider sold shares in the company. The company traded as low as $82.25 and last traded at $82.25. Approximately 110,297 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 395,938 shares. The stock had previously closed at $85.63.

Specifically, insider Deborah Ann Miller sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $88.18, for a total value of $264,540.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,936,394. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NUVL shares. Stifel Nicolaus raised their price objective on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Barclays began coverage on Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Wedbush reaffirmed an “outperform” rating and set a $99.00 price target on shares of Nuvalent in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Nuvalent has an average rating of “Buy” and an average price target of $103.00.

Nuvalent Stock Up 7.1 %

The firm’s 50 day simple moving average is $79.27 and its 200-day simple moving average is $75.81. The company has a market capitalization of $5.67 billion, a PE ratio of -36.29 and a beta of 1.28.

Nuvalent (NASDAQ:NUVL) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.12). During the same quarter in the previous year, the business posted ($0.51) earnings per share. As a group, sell-side analysts anticipate that Nuvalent, Inc. will post -3.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhenman & Partners Asset Management AB raised its stake in shares of Nuvalent by 31.3% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 112,929 shares of the company’s stock valued at $8,310,000 after purchasing an additional 26,918 shares during the period. Renaissance Capital LLC purchased a new stake in Nuvalent during the 1st quarter worth $1,301,000. Parkman Healthcare Partners LLC acquired a new position in Nuvalent in the 4th quarter worth $4,406,000. Commodore Capital LP boosted its position in Nuvalent by 60.6% in the 4th quarter. Commodore Capital LP now owns 1,331,037 shares of the company’s stock valued at $97,951,000 after buying an additional 502,259 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in shares of Nuvalent during the first quarter valued at about $1,172,000. 97.26% of the stock is owned by institutional investors and hedge funds.

Nuvalent Company Profile

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.