Nuvalent, Inc. (NASDAQ:NUVL) Insider Darlene Noci Sells 5,000 Shares

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

Nuvalent Stock Down 1.3 %

NUVL opened at $72.05 on Thursday. The company has a fifty day moving average of $72.46 and a two-hundred day moving average of $75.17. Nuvalent, Inc. has a fifty-two week low of $38.78 and a fifty-two week high of $89.39.

Nuvalent (NASDAQ:NUVL) last posted its quarterly 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). Sell-side analysts predict that Nuvalent, Inc. will post -3.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $69.00 to $110.00 in a research note on Monday, April 1st. Jefferies Financial Group assumed coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $99.00 price objective on shares of Nuvalent in a research note on Friday, May 17th. Leerink Partnrs upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price objective 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. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.78.

Hedge Funds Weigh In On Nuvalent

Institutional investors and hedge funds have recently bought and sold shares of the company. Compass Wealth Management LLC purchased a new stake in Nuvalent during the 4th quarter worth approximately $63,000. SG Americas Securities LLC purchased a new stake in shares of Nuvalent in the 1st quarter valued at approximately $121,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after buying an additional 189 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Nuvalent in the 1st quarter valued at $202,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Nuvalent by 33.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 2,960 shares of the company’s stock valued at $218,000 after buying an additional 750 shares in the last quarter. 97.26% of the stock is currently 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.