Nuvalent (NASDAQ:NUVL) Stock Price Down 2% on Insider Selling

Nuvalent, Inc. (NASDAQ:NUVL) was down 2% during trading on Thursday following insider selling activity. The company traded as low as $73.75 and last traded at $75.11. Approximately 49,962 shares were traded during trading, a decline of 86% from the average daily volume of 368,656 shares. The stock had previously closed at $76.64.

Specifically, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,581,083. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at approximately $2,581,083. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Shair sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00. Following the completion of the sale, the director now owns 1,687,198 shares in the company, valued at approximately $129,526,190.46. The disclosure for this sale can be found here. Company insiders own 14.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NUVL shares. Guggenheim started coverage on Nuvalent in a research report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. Leerink Partnrs reaffirmed a “market perform” rating on shares of Nuvalent in a research report on Thursday, February 22nd. BMO Capital Markets increased their price target on Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Finally, Robert W. Baird assumed coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $81.50.

Nuvalent Stock Performance

The firm has a fifty day moving average price of $81.09 and a two-hundred day moving average price of $68.02.

Nuvalent (NASDAQ:NUVL) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.02). On average, sell-side analysts predict that Nuvalent, Inc. will post -2.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in shares of Nuvalent by 41.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after purchasing an additional 187 shares in the last quarter. Amundi purchased a new stake in Nuvalent in the 4th quarter worth $34,000. KBC Group NV purchased a new stake in Nuvalent in the 4th quarter worth $52,000. China Universal Asset Management Co. Ltd. increased its stake in Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company’s stock worth $61,000 after buying an additional 654 shares in the last quarter. Finally, Compass Wealth Management LLC purchased a new stake in Nuvalent in the 4th quarter worth $63,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.